Money Basics
This is the money you earn from working a job or other sources?
What is income?
These are things you must have to live, like food and shelter?
What are needs?
This type of card lets you spend money you already have in your bank account?
What is a debit card?
Property such as houses or land that you can buy, sell, or rent to earn money?
What is real estate?
This government deduction helps pay for things like schools, roads, and emergency services?
What are taxes?
A plan that helps you track your spending and saving each month?
What is a budget?
These are things you would like to have but can live without?
What are wants?
This card allows you to borrow money from a bank and pay it back later?
What is credit card?
Using your money to make more money over time?
What is investing?
When you earn money for doing work, it’s often shown on this document that lists your earnings and deductions?
What is a paycheck? (or paystub)
The money you spend on things like food, clothes, and entertainment?
What are expenses?
Buying a new phone when your old one still works is an example of this?
What is a want?
The is money is set aside to help you cover unexpected costs like car repairs or medical bills?
What is an emergency fund?
Buying a small piece of ownership in a company?
What are stocks?
This three-digit number tells lenders how responsible you are with borrowing and paying money back?
What is credit score?
Money set aside for future use?
What are savings?
Paying rent every month is an example of this?
What is a need?
Using your credit card but not paying the full balance can lead to this?
What is debt?
This happens when the prices of goods and services go up over time?
What is inflation?
This document shows all the money going in and out of your checking account each month- it helps you spot errors or fraud?
What is a bank statement?
The money you owe to another person or company?
What is debt?
This term describes choosing to spend money on necessities before things you’d like to have?
What is Prioritizing needs over wants?
This is the extra amount you may have to pay when you borrow money?
What is interest?
A group of many different investments managed together by professionals?
What are mutual funds?
To grow wealth, to reach future goals, to combat inflation, and to prepare for the future?
What are reasons why people invest?