Money Basics
An item you own that has value is called this.
What is an ASSET?
If you fail to repay a loan according to the agreement, you are in this status.
What is DEFAULT?
Buying something without planning to purchase it is called this.
What is IMPULSE BUYING?
This budgeting method assigns every dollar a job.
What is a ZERO-BASED BUDGET?
This is the difference between gross income and net income.
What is: gross is before deductions, net is after taxes and deductions?
This is another name for take-home pay.
What is NET INCOME?
A department store credit card is an example of this type of credit.
What is REVOLVING CREDIT?
Feeling regret after making a purchase is known as this.
What is BUYER'S REMORSE?
The difference between a person's assets and liabilities is called this.
What is NET WORTH?
This is one benefit of using a zero-based budget.
What is giving every dollar a purpose / controlling spending?
This type of expense usually stays the same each month.
What is a FIXED EXPENSE?
This organization collects and reports credit history information.
What is a CREDIT BUREAU?
This is what marketing tries to do for a product or service.
What is communicate its value?
Interest earned on both the original money and previously earned interest is called this.
What is COMPOUND INTEREST?
This is why it's important to have an emergency fund.
What is covering unexpected expenses without borrowing money?
This is the main purpose of a budget.
What is to organize income and expenses?
The original amount borrowed on a loan is called this.
What is the PRINCIPAL?
This website feature is important to look for when shopping online.
What is HTTPS security?
Property pledged to secure a loan is called this.
What is COLLATERAL?
This explains how compound interest helps build wealth over time.
What is earning interest on both the principal and previously earned interest?
Inflation causes this to happen over time.
What is prices rising?
These are the five components that make up a FICO score.
What are payment history (35%), amount of debt (30%), length of debt history (15%), debt type (10%), and new debt (10%)?
Knowing how to earn, save, spend, and manage money describes this.
What is FINANCIAL LITERACY?
The fraudulent use of another person's personal information is called this.
What is IDENTITY THEFT?
Name two ways a consumer can avoid impulse buying.
What is: follow a budget, wait before purchasing, avoid targeted ads, make a shopping list, compare needs vs. wants, or track expenses (any two)?