Financial Literacy 1
This includes the money you earn, spend and save
What are PERSONAL FINANCES?
The knowledge and application of various financial skills.
What is financial literacy?
________ ________ are the plans you have for using your money.
What are FINANCIAL GOALS?
The money you receive from your job
What is income?
A percentage of the amount you borrowed, increasing the total amount you have to pay back in the end.
What is interest rate?
People use ________ _________ to buy something and pay for it later.
What is a CREDIT CARD?
What are VALUES?
A piece of paper attached to a pay check that shows what was earned and what deductions were taken.
Spending and saving goals
What are TWO main types of FINANCIAL GOALS?
________ expenses are known each month (e.g., rent).
What are FIXED expenses?
A bank card that automatically deducts the amount of a purchase from your checking account.
What is a debit card?
What are FINANCIAL NEEDS?
EVERYTHING an individual or household owns with monetary value
What is an ASSET?
The money you earn at your job before the tax man gets to it.
What is gross income?
A plan for spending and saving money.
What is a BUDGET?
a card issued to consumers that is used to make purchases, with the agreement that the cardholder will ultimately pay back the card issuer for the cost of the items purchased, along with any agreed upon fees and interest
What is a credit card?
Money owed from one person to another person/an institution
What is a debt?
Electronics funds transfer (EFT) when you move money from one account to another using _________ _________.
What is ONLINE BANKING?
the total amount of income from wages before any payroll deductions
A cost added to the production of one additional unit.
What is MONEY?
_________ ___ ________measures how comfortable you are, based on the things you own.
What are STANDARDS of LIVING?
A targeted intention that is specific, measurable, achievable, realistic, and time-bound.
What is a S.M.A.R.T. Goal?
Do I have enough money to pay for it? Do I need it? Do I want it? are things to consider when you are ___________ __________ ___________.
What are THINGS to CONSIDER WHEN MAKING a FINANCIAL DECISION?
How quickly and easily assets can be accessed and converted into cash.
What is LIQUIDITY?
the additional benefit to a consumer from consuming one more unit of a good or service
What is MARGINAL BENEFIT?
What is CONSPICUOUS SPENDING?
Assets - Liabilities = ______ ________
What is NET WORTH?
Flexible or _________ expenses change from month to month.
What are FINANCIAL WANTS?
What is a DEFICIT?
written orders to a bank to pay a certain amount of money from a checking account to another person or business
What is a CHECK?
basic wage or salary paid employees in exchange for doing their jobs
What is BASE PAY?
The money you earn from your job after the tax man gets to it.
What is net income?
anything good that is received over and beyond what was expected (usually money)
What is a BONUS?