Budgeting Basics
What is a plan for managing money?
What is a budget?
What is the difference between a checking and a savings account?
What is a checking account used for everyday transactions, while a savings account is for accumulating funds and earning interest?
What is a credit score?
What is a numerical representation of a person's creditworthiness?
Why is it important to differentiate between needs and wants when managing money?
What is to make informed money decisions?
What is the process of designing, launching, and running a new business?
What is entrepreneurship?
This is the percentage of your income that financial experts recommend saving.
What is 15-20%?
What is the purpose of a routing number on a check?
What is identifying the financial institution associated with the account?
What does APR stand for in the context of credit cards?
What is an Annual Percentage Rate?
Why is setting financial goals important?
Why does it provide direction, motivation, and a benchmark for success?
What is the difference between an entrepreneur and an employee?
An entrepreneur is someone who starts and runs their own business, while an employee works for a company
What is the best way to avoid impulse buying?
What is make shopping lists and stick to them?
Why is it important to save money?
What is to have funds for emergencies or future goals?
What are some consequences of having a low credit score?
What are higher interest rates, difficulty getting loans, or rejection of rental applications?
Give an example of a short-term financial goal.
What is saving $100 for a new video game?
What is a business plan, and why is it important for entrepreneurs?
What is a document outlining a business's goals, strategies, and operations, crucial for securing funding and guiding the business?
What is an example of a fixed expense?
What is rent or mortgage?
What does "interest" mean when talking about money and loans?
What is the money charged for borrowing money?
Name two ways to improve your credit score.
What is paying bills on time, reducing debt, or checking credit reports for errors?
What is an emergency fund, and why is it important?
What is money set aside for unexpected expenses, providing financial security?
What are some characteristics or skills that successful entrepreneurs often possess?
What are innovation, resilience, leadership, and adaptability?
What is the first step in creating a budget?
What is determining your income and expenses?
"What is a high-yield savings account?"
What is a type of savings account that typically offers a higher interest rate compared to traditional savings accounts, allowing individuals to earn more on their deposited funds?
What is a debit card?
What is accessing funds in your bank account?
How can you prioritize your financial goals?
What is ranking them by importance or setting deadlines?
What is the significance of market research for entrepreneurs?
What is understanding consumer needs, preferences, and market trends to develop products/services that meet demand, reducing business risk?