Budgeting Basics
What is the term for a plan that helps you track your income and expenses?
What is a budget?
What is the difference between saving and investing?
What is saving is for short-term goals and investing is for long-term growth?
What is a credit score?
What is a numerical representation of your creditworthiness?
What is the term for money earned from a job?
What is income?
What is a financial goal?
What is a specific, measurable target for managing your money?
What’s the first step in creating a budget?
What is identifying your income?
What does the acronym "CD" stand for in banking?
What is a Certificate of Deposit?
What is the main difference between a credit card and a debit card?
What is a credit card allows you to borrow money; a debit card uses your own money?
What can higher education, like college or vocational school, help you achieve in your career?
What is getting better job opportunities or earning more money?
What does SMART stand for in goal setting?
What is Specific, Measurable, Achievable, Relevant, Time-bound?
What is the recommended percentage of your income to save each month?
What is 20%?
Name something you can do with your money if you want to keep it safe and still make a little extra.
What is putting it in a savings account?
What is interest in terms of borrowing money?
What is the cost of borrowing money, usually expressed as a percentage?
What is the term for someone who is self-employed and offers services to others?
What is a freelancer or independent contractor?
What is short-term vs. long-term financial goal?
What is short-term is within a year; long-term is more than a year?
Name one tool you can use to track your budget.
What is a budgeting app, spreadsheet, or notebook?
What happens when you earn interest on both your original savings and the interest already earned?
What is your money grows faster over time?
What is one consequence of missing a credit card payment?
What is a late fee or a negative impact on your credit score?
Name one type of income besides wages.
What is rental income, dividends, or interest?
What is the importance of setting financial goals?
What is to help you plan and save for your future needs?
What is something you might spend money on if you have extra after paying your bills?
What is a want, like entertainment or eating out?
What is an emergency fund?
What is a savings account set aside for unexpected expenses?
What is the term for the amount of money you owe on a loan or credit card?
What is a balance?
What is the difference between gross income and net income?
What is gross income is before taxes; net income is after taxes?
Name one strategy for achieving a financial goal.
What is creating a budget, automating savings, or reducing expenses?