Money Basics
This is what you earn for doing work.
What is income?
A plan for how you’ll spend and save your money.
What is a budget?
A person who starts and runs their own business.
What is an entrepreneur?
Buying something you don’t need, just because you want it.
What is a want?
What you sell to customers.
What is a product?
The coins and bills you use to buy things.
What is cash?
Money you must spend every month, like rent or a phone bill.
What are fixed expenses?
A written plan that describes a business and how it will make money.
What is a business plan?
Setting money aside to use later.
What is saving?
A service that helps people and is not a physical item.
What is a service?
This place keeps your money safe and may pay you interest.
What is a bank?
The first thing you should do with money before spending.
What is save it?
The people most likely to buy your product or service.
What is your target market?
Something you must have to live, like food or shelter.
What is a need?
A short phrase or jingle that helps customers remember a business.
What is a slogan?
The fee you pay when you borrow money from a bank or credit card.
What is interest?
The money left after you pay for all your needs.
What is discretionary income?
When a business earns more money than it spends.
What is a profit?
The amount something costs.
What is a price?
The money you spend to start or run a business.
What are expenses or start-up costs?
This is what you call money you owe.
What is debt?
A smart budgeting rule that suggests spending 50% on needs, 30% on wants, and 20% on savings.
What is the 50/30/20 rule?
A new idea or product that solves a problem or improves life.
What is an innovation?
Comparing prices to find the best deal is called this.
What is smart shopping or comparison shopping?
A symbol, word, or design that identifies a business.
What is a logo or brand?