Financial Literacy 1
A place that helps you store and manage money.
what is a Bank
A government issued ID number given to you at birth
What is your Social Security Number?
Something that you spend money on, either one time or regularly.
What is an expense?
Money you receive for doing work or from investments.
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?
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
What is a Loan
The money charged for the privilege of borrowing money.
What is interest?
A portion of money paid to the government out of your paycheck to help pay for things like schools, hospitals, roads, and other services that benefit the country.
What is income tax?
A safe, low risk place to store money.
What is a savings account.
The amount of money left over after you have paid all your Bills
What is a Balance
A bank card that automatically deducts the amount of a purchase from your checking account.
What is a debit card?
This acronym encourages you to put money into savings before spending.
What is Pay yourself first (PYF)
Coins and bills used to pay for goods and services.
What is Money
The money you earn at your job before taxes are deducted.
What is gross income?
A plan for earning and spending over a period of time.
What is a budget?
A card used to make purchases with the agreement that the cardholder will pay back the card issuer for the purchases and any fees and interest
What is a credit card?
Money owed from one person to another person or company
What is a debt?
Money received from working a Job or Career
What is Income or Wages
The money you earn from your job after the taxes are deducted
What is net income?
A type of bank account that allows you to easily deposit and withdraw money for daily transactions
A Checking Account
Those Expenses you must pay from month every month; Rent; Car Payment; utilities; Insurance
What are Fixed Expenses
•Expenses that change from month to month; For instance, Dining out, Toiletries-Shampoos, Toothpaste, Body Wash, Toilet Paper, Transportation, Entertainment & personal spending.
What are Variable Expenses
A process that allows your employer to send your paycheck to your bank account rather than print a physical check
What is direct deposit?
Adding money to a financial account such as a checking account or a savings account
What is a Deposit
A safety net that protects you from unexpected accidents or problems in exchange for a payment.
What is insurance?