Definitions
Money given for doing chores or getting good grades.
What is an allowance?
An account at the bank used for spending money everyday.
What is a Checking account?
The total of the amount borrowed from one party to another.
What is debt?
A safe place where you can store your money at a bank.
What is a savings account.
A card used for spending money that you may or may not have in the bank.
What is a credit card?
A way to help out another when you are financially able to do so.
What is Giving?
An account at the bank that is used to store money for the long-term.
What is a savings account?
Money taken out of your paycheck that they government uses to pay for things.
What is taxes?
A job on the side that pays cash and normally involves hard labor.
What is an extra job/side-job/side-hustle?
A score used to determine how good a person is at paying back debt.
What is a credit score?
A place to buy and sell shares of a company.
What is the Stock Market?
An account used for unexpected costs. (Ex: The pandemic)
What is an emergency fund?
The amount of each paycheck that you should put away in a savings account.
What is 10%?
What is a budget?
Why do banks loan people money?
To make money and offer a service to customers.
A way to borrow money for big purchases.
What is a loan?
Putting money into the stock market with the goal of earning profits and dividends.
The process of putting away money into a savings account before any expenses are taken out.
A type of savings account that allows your money to grow even faster as it sits in your account.
What is a high-yield savings account?
Extra money you pay back to the bank that loaned you money.
What is interest?
A retirement account used to put money away for a long time.
What is a Roth IRA, 401(k), Roth 401(k), etc?
A type of loan used for buying real-estate.
What is a mortgage?
Getting the most for your money by looking for the best deal and/or best brand.
What is comparison shopping?
Spending less than you have will result in being _____?
Financially responsible.
A history or record of a borrower's responsible repayment of debts.
What is a credit report?