Budgeting
Spending and savings plan based on estimated income and expenses
What is a Budget
Two types of accounts
What is savings and checkings
The amount of financial trust extended to a person or a business by a lender; a loan
What is credit
A fee received or paid for the use if money
What is interest
Need to file tax return
Who is most people
Amount of money you earn from work or other sources
What is Income
Account that you use to withdraw money with debit cards, checks or at the ATM to get cash
What is checkings
Taking money right out of your bank account and not have to pay it off
What is debit
If I get a loan of $100 from a bank, because of interest, I will eventually have to pay the bank _________
What is more than $100
Types of insurance (give at least 2)
What is life, health, home, auto, phone, etc
The 2 types of expense
What is variable and fixed expenses
Account that has a number of withdrawals limited
What is savings
Your ________ is linked to your checkings account
What is debit card
For the same interest rate and principal, the more months (longer period) the loan is over, the _______ will be the total amount I have to pay in interest
What is higher
Fills out W-2 and W-4
What is a salaried or hourly worker
Want X Need
Rent: (1)
iPhone X and should not be prioritized when budgeting: (2)
(2) Want
A written order instructing the bank to pay a specific amount of money to a specific person or entity
What is a chec
A purchase with a _____ card is like a loan from the bank
What is credit card
Interest applies to (give at least 2)
What is credit cards, loans, investments
A policy's ______ is simply its price, typically expressed as a monthly cost
What is premium
If you have an income of $1,200, fixed expenses of $800 and you want to save $100. How much is your budget goal for variable expense
What is $300
Account that you earn interest on funds - the bank pays you a small amount each month on the money you have in the account
What is savings
If you don't pay your _________ card statement at the end of month, the bank will charge you interest rates and you will end paying more than the price of the purchases
What is credit card
The addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest
What is compound interest
A specific dollar amount your health insurance plan may require you to pay out of pocket toward covered medical care each year, before your health plan begins to pay for covered medical expenses
What is deductible