Expense/Income/Savings
Give an example of expense
Literally anything
Is rent a fixed or variable expense?
Fixed
Is Nike a generic or brand name product?
Brand name
What does an ATM do?
Allows you to deposit money or take money out of your checking account
I got to the store and BUY a box of Cheerios. Is this an expense or income?
Expense
Define Income
Money that you earn
I got to the store and buy a bunch of random groceries. Is this a fixed or variable expense?
Variable
Is cvs brand cough syrup name brand or generic?
Generic?
What is a budget
A plan for spending and saving
What is the difference between an expense and income?
Income is money you earn, expenses are money you pay
Money that you lose to pay for something
Define variable expenses
Define a name brand product and how it differs from the generic brand
What is a loan
Money that you borrow from the bank
Joe works 40 hours a week, and is paid based on the amount of hours he works. Is Joe paid a salary or a wage
Wage
Give an example of something you would save money for
Various
Define fixed expenses
Define a generic product
A product you do not recognize by the brand name which is usually a little bit cheaper
What is debt?
When you lose a lot of money and owe the bank some as a result
Josh makes $3 million a year working a 9-5 job, and is paid bi-weekly. Is Josh earning a salary or a wage?
Define Savings
Money that you put away for later
Define fixed and variable expenses, and give an example of each
Fixed expenses stay the same, variable expenses change. Rent is a fixed expense, Groceries are a variable expense
Give an example of a name brand product you buy and a generic product you buy
Nike and pharmacy brand cough syrup
What is a mortgage
A loan you take to purchase a house
What's the difference between savings and income