Personal finance 1
A percentage paid to a lender for the use of borrowed money is called
What is interest?
Management of an individual’s financial resources
What is personal money management?
something, typically money, that is owed or due
What is debt?
Money that is earned from work or investment
What is income?
Contributes to your financial well-being because you will be prepared for large expenses or unexpected needs in the future
What are savings?
Account designed for holding money you don't plan to spend immediately
What is a savings account?
A tool to keep track of how much money you spend
What is a budget?
Request for bank to pay money from your account to someone else; can be paper or electronic
What is a check?
When a budget is ___________, money being used is equal to money being earned.
What is balanced?
Exchanging one thing for another
What is a trade-off?
A plastic card obtained from a bank in which money is transferred from your account to the seller's account for purchases
What is a debit card?
When you pay with ________, you know you are spending money that you actually have available.
What is cash?
To give up something especially for something considered more important
What is sacrifice?
A plastic card provided by a company or bank to make purchases by borrowing money to pay for what you buy; will owe interest if you do not pay the full amount due each monthg
What is a credit card?
Helps people make responsible economic decisions about how to use the money they earn
What is a budget?