A
A tool that tracks your spending and income
What is a budget?
This is the amount of money you receive on a regular basis for your work or services.
What is income?
What is the $1 bill?
A statement of something you want to achieve, such as saving money or improving your grades.
what is a goal?
This is a place where you can keep your money safely and earn interest on your deposits.
What is a bank?
This kind of expense changes from month to month
What is variable expense?
After deductions like taxes and insurance, this is the amount of money you actually take home.
What is net income?
These are the skills, knowledge, and abilities that increase a worker's productivity and earning potential
What is human capital?
These goals take several years to accomplish, such as buying a house or earning a degree.
what are long term goals?
The type of account you use for everyday spending; it usually comes with a debit card.
What is a checking account?
Putting aside money for future needs is callled this
What is savings?
This financial principle involves deciding whether to spend now or save for something more valuable in the future.
What is opportunity cost?
The letters "FDIC" stand for this U.S. government agency that protects your bank deposits.
What is the Federal Deposit Insurance Corporation?
Cash, checking accounts, and savings accounts are examples of this type of asset because they can quickly be turned into cash.
What are liquid assets?
The fee a bank may charge if you spend more money than you have in your checking account?
What is an overdraft fee?
The term for money you spend on wants, not needs
What is discretionary spending?
Before money existed, people used this system to trade goods and services directly.
What is the barter system?
You need this small plastic card, linked to your bank account, to withdraw or deposit money at at ATM
What is a debit card?
Any deposit of $10,000 or more in cash must be reported to this agency
What is the U.S. Treasury
a long term deposit account that earns a fixed amount of interest over a set period, and charges a penalty for early withdrawal.
What is a certificate of deposit?
setting aside money regularly for emergencies, like car repairs or medical bills, helps build this
What is an emergency funds?
Tracking what you earn and what you spend to make sure you don't overspend is part of this process.
What is financial planning?
Taking college classes, learning a trade, or earning a degree are examples of investing in this.
What is education?
What is a bank?
Banks make money by lending deposited funds to borrowers at a higher rate than they pay depositors.
What is interest?