Characteristics of Income
What is income?
Money a person earns from working
What is a budget?
A plan for how to spend and save money
What does it mean to save money
Putting aside money instead of spending it right away
What is interest
The extra money you have to pay when you borrow money
What do people do to earn income?
To work or have a job
What does it mean to save money
Keeping money for future use instead of spending it
What is financial security
Feeling safe about money and not worrying about running out
What is a credit card company
A business that lets people borrow money with a card and pay it back later
Why do some jobs pay more than others?
Because they need special skills or training
What do people pay to live in a house or apartment
Rent
How does saving help people avoid debt
They can pay for things without borrowing money
What does it mean to be responsible with credit
Using credit in a smart and careful way
What is a financial decision?
A choice about how to use and manage money
What is it called when people use more money than they should
What is a credit card used for
Borrowing money to buy things and paying for them later
What helps build a good credit history
Making payments on time
What does it mean to have a stable future
Having enough money to pay for basic needs
What does a budget help people make
How do savings give people more opportunities?
They can do things like start a business or travel
How can you avoid paying interest on a credit card
Paying off the full balance each month