Vocabulary
Adding or putting money into an account.
Deposit
You will always have to pay for a copy of your credit report.
Name one advantage of paying with a credit card.
What is
- Fast,
- Easy,
- Accepted almost everywhere
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
This type of Interest is calculated only on the original amount of the loan.
What is Simple Interest.
(Car loan, any installment loan)
The total amount of personal income before taxes and deductions.
What is Gross Income
Discretionary Income is another definition of Wants.
What is True
Name a disadvantage of using electronic payment for bills.
What is:
- Requires internet access
- Possible security risk
The income that remains after taxes and other deductions are taken from an individual's gross income.
What is Net Income
If your debt to income ratio is high, and you are applying for a loan, what could be a negative outcome.
What is you could be charged a higher interest rate.
What is the purpose of a checking account?
Money kept for every day expenses.
Name 2 ways to make your money work for you!
What is:
- High yield savings account
- Choose credit cards with useful rewards
- Pay down debt
- Develop and use a budget
Name 1 site where you can learn about stocks and investing.
What is:
- Investopedia
- Marketwatch.com
- Yahoo finance
In addition to the income from Kristopher's job, he does landscaping on weekends and sells vintage action figures on eBay. This is an example of what?
What is multiple streams of income.
Name 2 low risk ways to build wealth
What are:
- Purchase Certificates of Deposit - CDs
- Purchase Bonds or Treasury Bills -
- Invest in your 401k
- Invest in an IRA
- Invest in yourself! Earn a useful degree or certification
What is a Liability
Variable Expenses change from month to month
TRUE
If Mandy's Gross Income $126.35 and Deductions $35.30 What is her Net Income?
What is $91.05
By dividing your monthly recurring debt by your gross monthly income you will find what?
What is your Debt to Income Ratio
Name 2 higher risk but higher reward ways to build wealth.
What is:
- Purchase real estate
- Invest in the Stock Market
- Start, buy, or become a partner in a business
- Buy precious metals
- Buy Crypto Currency