Spend
Things that are required to survive.
What is a "Need"?
A safety net, in case something unexpected happens that costs money.
What is an emergency savings fund/account?
Money owed a lender.
What is debt?
A number based on a person's credit history and personal information that measures a person's credit worthiness.
What is a credit score?
A plan for managing income and expenses to meeting financial goals.
What is a budget or spending plan?
Things that you wish for and is a splurge.
What is a "Want"?
Specific, Measurable, Achievable, Realistic, and Timely
What do S.M.A.R.T goals stand for?
A fee that lenders charge for letting you borrow money.
What is interest?
The cost of money that is borrowed, which is usually a percentage of the borrowed amount.
What is interest?
One rule when budgeting is: your_____ should never be more than your income.
What is expenses (bills)?
The process to take money out of an account.
What is a withdrawal?
It is advised to save ______% of your income.
20%
Your credit score calculated by the Fair Isaac Corporation.
What is FICO Score?
Money put aside for profit: A financial holding that is purchased with the expectation of increased value.
What is an investment?
You can use this to withdraw cash, make deposits, transfer money between accounts, get your balance, without going into an actual bank or credit union to speak to someone.
What is an ATM? (Automatic Teller Machine)
An account at a financial institution that allows for withdrawals and deposits.
What is a Checking Account?
When interest is earned on both the initial deposit and the interest that has already been earned.
What is compound interest?
A loan that must be paid back with interest by a certain date.
What is credit?
Designed to help students pay for university tuition, books, and living expenses.
What are student loans?
This is a process of knowing where your money is going now and having a plan in place for the future.
What is money management?
A regular payment, typically paid on a daily or weekly basis, made by an employer to an employee.
What are/is wages/income?
At 15, Jack was given $500 from his grandparents. Jack also started working and making $15 an hour. If Jack were to save his gift and $5 every month, how much would he have at 18?
$680
A report containing detailed information on a person's credit history.
What is a credit report?
A qualified plan established by employers for eligible employees, may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis.
What is a 401(K)?
A crime in which a criminal obtains and uses a victim's personal data through fraud or deception and usually for economic gain.
What is identity fraud/theft?