Vocabulary
What is Income?
(Revenue/Earnings) : Money that you receive.
You want to use a card to buy snacks at the school cafeteria. Which account do you use?
Checking Account
What does S stand for?
Specific:Know EXACTLY what your goal is, nothing vague
What is a tax?
Money that you pay to the government.
What is a financial goal?
A target or objective you set for managing your money, such as saving for a new bike or setting aside money for college.
What is Expenses?
Expenses: Money that you spend.
You want to save money to buy a new video game. Which account should you put your money into?
Savings Account
What does T stand for?
Timely: Set a due date for your goal
Who pays taxes?
Everyone who earns money pays taxes.
What is an example of a short-term financial goal?
Saving money for a new video game or a special toy.
What is Discipline?
Discipline is the practice of controlling your actions or behavior to achieve a desired outcome or goal.
You receive your allowance from your parents every week. Which account should you use to deposit it?
Checking Account
What does M stand for?
Measurable: Set benchmarks so you can evaluate your progress along the way
What are some examples of things that taxes pay for?
Schools, roads, libraries, and parks.
What is a long-term financial goal?
Saving money for college or buying a car when you're older.
What are Employees/Entrepreneurs?
Employees: Work for a business by doing a job.
Entrepreneurs: Own a business that creates jobs for others
You want to save money for a summer vacation trip with your family. Which account should you use?
Savings Account
What does A stand for?
Attainable: Your goal should be something you can achieve with the income you receive
What are some things we pay taxes on?
We pay taxes on things we buy at stores, on the money we earn from working, and on properties we own.
Why is it important to have financial goals?
Financial goals help you plan for the future, prioritize your spending, and work towards achieving your dreams.
What are Liabilities?
Liabilities are debts that a person or organization owes to others.
Such as credit cards, student loans, and mortgages.
What account is used to pay bills?
Checking Account
What does R stand for?
Relevant: No crazy, out-of-this-world goals, like saving 2 million dollars in 1 week.
Can you name three types of taxes?
Income tax, sales tax, and property tax.
How can you reach your financial goals?
By setting a budget, saving money regularly, and making smart spending choices.