INCOME & TAXES
This is defined as money received from a job or work.
Income
This is the portion of your income that you do NOT spend.
Savings
This term describes money that is owed.
Debt
This is a record of your income and spending, and a plan for managing your money.
Budget
When money is deducted directly from your bank account, you are using this.
Debit
This is your total pay before any deductions or taxes are taken out.
Gross Income
A bank is a common example of this type of business that provides services related to money.
Financial Institution
This is the practice of obtaining goods before payment by agreeing to pay later.
Credit
These are the three main parts of a budget.
Income, Expenditures, and Savings
These are two examples of things you can invest in to try and grow your money.
Stocks and Bonds
This is your total pay after deductions and taxes are taken out—the amount you actually take home.
Net Income
This is a fee that is received or paid for the use of money.
Interest
These are two common examples of credit.
Credit Cards and Loans
This is the choice you give up when making financial decisions.
Opportunity Cost
This is the money you must pay out-of-pocket before insurance covers the remaining costs.
Deductible
These are required payments to the government used to pay for programs to help citizens.
Taxes
This is a contract that outlines coverage and protects a person from a financial loss.
Insurance Policy
This number represents a person's creditworthiness and likelihood to pay on their debts.
Credit Score
This is a purchase based on an immediate want rather than a plan.
Impulse Buying
These are the three ways you can spend the money in your checking account.
Debit Cards, Cash, and Checks
These are three specific types of taxes (mentioned in the study guide)
Income, Sales, and Property Taxes
This is the specific term for the cost of an insurance policy.
Premium
Not paying on a debt can negatively affect this specific number.
Credit Score
This is what many banks charge you for the "privilege" of being in debt.
Interest
This is the action of trying to grow your money through stocks or bonds.
Investing