Income
The total amount of money you earn before any deductions like taxes are taken out.
What is gross income?
This is the money you spend on things like food, clothes, toys.
What are expenses?
This is a plan you make to decide how to spend and save money.
What is a budget?
This is the value of what you give up when you choose one thing over another.
What is opportunity cost?
This is the money you set aside instead of of spending it right away.
What are savings?
This type of income you earn from a job or running your own business.
What is earned income?
The type of expense happens every month and includes things like rent, bills, and subscriptions
What are fixed expenses?
When making a budget, this is the total amount of money you have to work with
What is an income?
If you choose to buy a video game instead of a new bike, this is what you gave up.
What is a bike?
This is a place where people often keep their savings to earn interest and keep it safe
What is a bank?
The money you have left over after taxes, Social Security, and other deductions.
What is net income?
The kind of expense that changes every month like how you spend on groceries or fun activities.
What are variable expenses?
A budget helps you spend more money than you have, which is called this.
What is debt?
The reason opportunity cost exist is because you can't do this with all your options at the same time.
What is choose everything?
This is a term for money a bank pays you for keeping your savings with them.
What is interest?
The term you earn from investments like stocks, bonds, or rentals.
What is passive income?
When you save money for something fun, like a vacation or a new game, it's called this type of expense
What is an optional expense?
If your budget includes saving $10 dollars each week for a video game, this is the name for that part of your plan.
What is a saving goal?
Opportunity Cost is all about making these kinds of decisions between different choices.
What are trade-offs?
What if you save up for a new bike, this is what you call the think your working towards?
What is a savings goal?
The government collects this percentage of your income to pay for public services like schools and roads.
What are taxes?
What is budgeting?
This is what happens to your budget if you spend more on snacks but less on clothes.
What is adjusting the budget?
The term describes why opportunity costs are important when you don have unlimited time or money.
What is limited supply
To save money, many people create this kind of plan to decide how much they can set aside each eek or month
What is a budget?