Budget Basics
What do you call a plan for how you’ll spend and save money ?
. What is a budget?
What is a checking account?
What is borrowing money with a promise to pay it back later?
What is credit?
What do you call your total pay before taxes?
What is a gross pay?
What do you call things you must have, like food and housing?
What is needs?
What type of expense stats the same every month, like rent?
What is fixed expense?
What is money set aside for emergencies called?
What is emergency fund
What is the number that shows how responsible you are with money?
What is a Credit score?
What's the money you actually take home after taxes?
What is a net pay?
What are the things you'll like but don't need to survive?
What is a want?
What do you call expenses that change each month, like gas and food?
What is Variable expenses?
What does FDIC stand for and what does it do ?
What is Federal Deposit Insurance Corporation- protects money in banks
What’s the smallest amount you can pay on a credit card each month?
What is a Minimum payment?
What form do you get at the end of the year that shows your income and taxes?
What is a w-2 form?
What’s the practice of comparing multiple prices before buying called?
What is comparison shopping?
What’s the money you earn from a job or allowance called ?
What is income?
What type of account earns you interest on your money?
What is a Savings Account
What does APR stand for?
What is Annual Percentage Rate?
What does FICA pay for?
What is social security and Medicare?
What helps you stay focused and manage spending by saving for something specific?
What is Financial goals?
If you spend more than you earned, what is that called?
What is a deficit (overspending)?
What’s the extra money a bank pays you for keeping your money there
What is interest?
If you borrow money from a bank and must pay it back with interest, what is that called?
What is a loan?
When you get money back from the government after filing taxes, what is it called?
What is a tax refund?
Why is knowing your needs vs wants important when budgeting?
What is helps control spending and Avoid debt?