Financial Literacy 1
This percentage of the 50/30/20 budget model is designated for savings and debt repayment.
What is 20%?
This acronym stands for the organization that manages and maintains common areas in a residential community.
What is HOA (Homeowners Association)?
Something that you spend money on, it could be fixed or variable.
What is an expense?
This financial agreement involves monthly payments that include principal and interest.
What is a mortgage?
A percentage of the amount you borrowed, increasing the total amount you have to pay back in the end.
What is interest rate?
Money that is loaned or borrowed, that needs to be paid back, often times with interest (additional fees).
Credit
This is the cost of borrowing money, typically expressed as a percentage of the loan amount.
What is interest?
A portion of money paid to the government out of your paycheck for services that benefit the country. This takes your Gross income and makes it your Net income.
What is income tax?
This professional helps people buy, sell, and rent properties.
Who is a realtor?
What is a maintaining a budget?
This is the fee paid for instruction at a school or university.
What is tuition?
This percentage of the 50/30/20 budget model is allocated for essential expenses like housing, utilities, and groceries.
What is 50%?
A plan that lets you pay for a big amount in small pieces
What is an installment?
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. A debit card helps avoid this.
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?
This verb means to use up resources or goods.
What does it mean to consume?
Those Expenses you must pay from month every month; Rent; Car Payment; Electric; Food
What are Fixed Expenses
This is a loan used to purchase real estate, typically paid back over a long period.
What is a mortgage?
What is a transaction?
The 50/30/20 Budget rule splits monthly income into 3 categories.
What are Needs (50%), Wants (30%) and Savings (20%)
This expense often increases annually and can be a significant part of a student's budget.
What is tuition?