What Am I?
This is the process of managing your money and making financial decisions for yourself or your family.
What is personal finance?
This is the action of putting money aside for future use, often in a savings account.
What is saving?
This is a short-term financial goal, such as saving up for a new video game or a concert ticket.
What is a financial goal?
You should know your gross pay, which is your total earnings before taxes, and your net pay, which is what you actually take home.
What is the difference between gross pay and net pay?
This is the term for when the prices of goods and services rise over time, causing your money to buy less.
What is inflation?
I am a detailed plan that outlines your spending and saving over a period of time.
What is a budget?
This is a fee you pay to a bank for borrowing money, or the money you earn for lending it out.
What is interest?
These are the beliefs and principles that influence how you think about and use money.
What are financial values?
his is the type of account you can open at a bank to keep your money safe and easily accessible for daily purchases.
What is a checking account?
You put your money into this type of account at a bank, and it pays you a small amount of interest for keeping your money there.
What is a savings account?
I am anything you own that has economic value, such as a house, a car, or money in the bank.
What is an asset?
This is when you use money to buy something with the hope that it will increase in value over time.
What is investing?
This term describes a person's ability to understand and use financial skills effectively, from budgeting to investing.
What is financial literacy?
This is a key number that lenders use to decide if you are a good risk for a loan or a credit card. You want yours to be high.
What is a credit score?
This is a powerful investment option for retirement where you contribute a portion of your paycheck, and your employer often matches it.
What is a 401(k)?
I am the money you owe to someone else, like a credit card balance or a student loan.
What is a liability?
This is what banks and stores use to let you get goods or services now with a promise to pay later.
What is credit?
A person who has a good grasp of this concept is less likely to fall into debt or make poor financial decisions.
What is financial literacy?
This is the best way to avoid going into debt and to make sure your expenses don't exceed your income.
What is budgeting?
Sarah just got her first job and is creating her first budget. She needs to buy gas to get to work every day, but she also wants to buy the newest pair of expensive headphones. This is the term for distinguishing between the gas money and the headphones.
What is the difference between a need and a want?
I am the total value of your assets minus your liabilities.
What is net worth?
This is the general term for money you have to pay back, such as loans or money borrowed on a credit card.
What is debt?
Creating a budget and tracking your spending are two ways to apply this concept in your daily life.
What is personal finance?
When you start a job, your employer will give you a W-4 form to determine how much money to withhold from your paycheck for this purpose.
What are taxes?
Daily Double! You can wager any or all of your current points. Here is the question: Your favorite YouTuber has a great idea for a new product, but they need money to get started. They decide to use a big chunk of their personal savings to buy the equipment and materials they need to make the product. This is a financial term for using your money to start a new business in the hope that it will grow and earn you a profit.
What is investing?