Budgeting Basics
This is the term for a plan used to track your income and your expenses strategically.
What is a budget?
This is the primary type of card that directly pulls money from your checking account when you make a purchase.
What is a debit card?
Where are you able to get money from lenders?
What is a bank?
Money owed to a person or institution
What is debt?
The steady, general increase in the price of goods and services over time.
What is Inflation?
These two types of expenses represent the only two categories you really need to differentiate when starting a basic budget.
What are needs and wants?
How much credit is recommended to spend for a credit card?
What is under or 30%?
What are the names of the people that give you money at a bank?
A three-digit number (usually 300–850) that represents your reliability in repaying borrowed money.
What is credit score?
What is the main source of revenue the U.S. federal government collects to pay for public services and programs??
What are taxes?
This is the term for the extra money you must pay back when you borrow money from a lender.
What is interest?
Can I build credit with a debit card? Yes or no?
No
These are costs that stay the exact same every month, such as rent and car payments.
What are fixed expenses?
Cash reserves kept strictly on hand for sudden, unexpected expenses like medical bills or job loss.
What is emergency fund?
Why does government control our economy?
To prevent market failures, protect people, and maintain overall financial stability.
Divides your after-tax income into three spending categories: Needs, Wants, and Savings/ or Debts.
What is the 50/30/20 rule?
Name the types of payment executions for a debit card.
Tap, Insert, Swipe, Enter PIN, and phone/online.
This essential budget rule recommends dividing your after-tax income into 50% needs, 30% wants, and 20% savings.
What is the 50/30/20 rule?
The cost you pay to borrow money (on loans) or the money you earn for keeping it in a bank (on savings).
What is a tax placed on imported goods by the government to protect domestic industries and generate revenue?
What are tariffs?
If you have $1500 of monthly net income and decide to save 10% of it, this is how much you save each month.
What is $150?
This type of card offers the advantage of $0 or maximum $50 liability by federal law if your card is lost or stolen.
What is the top U.S Bank?
A)Chase
B) Bank of America
C)Citibank
D)Wells Fargo
What is Chase?
This term describes the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's price.
What is Liquidity?
What are the two branches of government responsible for fiscal policy?
What is the executive and legislative branch?