Budgeting
This is the money you earn from work.
What is income?
Borrowing money and paying it back later.
What is credit?
Money paid to the government based on earnings.
What are income taxes?
Money set aside for unexpected expenses.
What is an emergency fund?
A bank account mainly used for everyday spending.
What is a checking account?
A plan for how you spend and save money each month.
What is a budget?
A number that represents your creditworthiness.
What is a credit score?
This form reports your yearly wages from a job in the U.S.
What is a W-2?
A place where your money earns interest while you save.
What is a savings account?
An ATM allows you to do this without going inside a bank.
What is withdraw cash?
Money spent on things you want, not need.
What are discretionary expenses?
Paying your credit card balance late can cause this extra charge.
What is interest?
Sales tax is added when you buy this.
What are goods or services?
Buying shares of a company makes you this.
What is a shareholder?
This protects your bank deposits up to certain limits in U.S. banks.
What is the FDIC?
Rent and Car payments are examples of these types of expenses.
What are fixed expenses?
Using a large percentage of your credit limit hurts this ratio.
What is credit utilization?
The deadline for most Americans to file federal taxes each year.
What is April 15?
This investment is considered lower-risk and usually pays a fixed interest rate.
What is a bond?
A fee charged when you spend more money than you have in your account.
What is an overdraft fee?
The Budgeting rule that suggests 50% needs,30% wants, and 20% savings.
What is the 50/30/20 rule?
This type of loan is commonly used to buy a house.
What is a mortgage?
Money subtracted from your taxable income to reduce the taxes you owe.
What is a deduction?
The ability of your money to earn money over time.
What is compound interest?
A digital method of sending money directly between bank accounts.
What is a bank transfer?