Budgeting
This percentage is the amount of your income you should set aside for your needs
50%
This card links to your checking account
Debit Card
This is the word for when prices rise over time
Inflation
This type of tax is based on the amount you spend each time you make a purchase
Sales Tax
Monthly
This percentage is the amount of your income you should set aside for your savings
20%
This is the type of bank account you use to collect higher interest rates
High Yield Savings Account
If a cookie used to cost $2 dollars and now costs $6, the price increased by how many times?
3 times
This type of tax is based on how much money you made from working all year
Income Tax
This is the cost of borrowing money
Interest
Rent/Housing, Food, and Water are all types of ____ in your budget
Needs
This is the main reason why people save money
In case of emergencies/in case something goes wrong
If your allowance rises from $8 to $10 dollars a week, and the price of a book increases from $9 to $11, can you afford it?
No
This is Michigan's sales tax percentage
6%
This is what happens when you miss a credit card payment
You have to pay back interest on top of what you borrowed
Sports, Games, TV, and Subscriptions are all types of _____ in your budget
Wants
If you were interested in growing your money quickly, this account is what you would add your money to
High Yield Savings Account
If the amount of available candy goes down, but the same amount of people want it, what will happen to the price?
Price will increase
This government agency collects taxes
IRS (internal revenue service)
This is the name for the debt/loan you have for your home
A mortgage
Taxes, Loans/Debt, and Insurance are all types of ____ in your budget
Needs
This type of saving account has a fixed time period
Certificate of Deposits
You have 10 dollars and want to buy as many ice creams as you can. Last year you bought 5 ice creams and this year you could buy 4. How much did the price increase by?
50 cents
Taxes are always due in this month of the year
April
This is how most people have debt
They have a credit card balance that has not been paid off