All about the money
This type of income is what you take home after taxes and deductions.
What is Net Pay
This type of goal can usually be achieved in less than a year.
What is a short term goal
This account is best used for everyday purchases like gas and groceries.
What is a checking account?
This is money borrowed that must be repaid with interest.
What is a loan?
This is the monthly cost paid to keep insurance coverage active.
What is a premium?
This term describes owning a small piece of a company.
What is stock (or a share of stock)?
This financial term means assets minus liabilities.
What is net worth?
This government agency collects federal income taxes.
What is the IRS
This budgeting step should be done first to create a realistic budget.
What is tracking income and expenses?
This fee may be charged if your account balance drops below a required amount.
What is a minimum balance fee?
This factor has the greatest impact on a credit score.
What is payment history?
This amount must be paid out-of-pocket before insurance covers a claim.
What is a deductible?
This relationship describes how higher potential return usually comes with higher potential risk.
What is the risk‑return relationship?
This fund is recommended to cover 3–6 months of expenses.
What is an emergency fund?
Rising prices over time reduce this, meaning your money buys less.
What is inflation
This type of expense usually stays the same each month, like rent.
What is a fixed expense?
This protection limits losses when a debit card is reported stolen within 48 hours.
What is $50 (maximum debit card liability)?
This happens when a borrower fails to repay a loan as agreed.
What is default?
This insurance replaces part of your income if you are unable to work.
What is disability insurance?
This strategy spreads money across different investments to reduce risk.
What is diversification?
This document is used to apply for federal student aid.
What is the FAFSA?
This measure is used to track changes in the cost of living.
What is the CPI (Consumer Price Index)
This budgeting concept means saving before spending on wants.
What is “pay yourself first”?
This digital service allows checks to be deposited using a smartphone.
What is remote deposit capture?
This type of loan uses property or assets as security.
What is a secured loan?
This auto coverage pays for damage caused by hitting an object or vehicle.
What is collision coverage?
This term refers to profits earned when an investment is sold for more than its purchase price.
What is a capital gain?
This payment reduces the total amount borrowed for a mortgage.
What is a down payment?
This payroll tax funds Social Security and Medicare.
What is FICA
This situation occurs when expenses are greater than income.
What is a budget deficit?
This insurance protects deposits up to $250,000 at banks.
What is the FDIC?
This includes both principal and interest and when calculating the amount
What is compounded interest?
This medical visit fee is a fixed dollar amount paid at the time of service.
What is a co‑pay?
This is the act of putting money into assets with the goal of earning a return over time.
What is investing?
This retirement account allows after‑tax contributions with tax‑free withdrawals.
What is a Roth IRA?
This rule estimates how long it takes money to double based on interest rate.
What is the Rule of 72
This cost represents what you give up when choosing one option over another.
What is opportunity cost?
This order is used to cancel a check that has been lost or stolen.
What is a stop‑payment order?
This person becomes responsible for loan repayment if the primary borrower defaults.
Who is a co‑signer (or cosigner)?
This coverage protects against lawsuits if someone is injured on your property.
What is liability insurance?
It’s the chance that an investment will lose value or not perform as expected.
What is risk?
This process combines multiple debts into one payment.
What is debt consolidation?
This central bank action is commonly used to slow inflation.
What is the Federal Reserve raising interest rates
This financial goal must be specific, measurable, achievable, relevant, and time‑bound.
What is a SMART goal?
This type of debit card often has activation and reload fees.
What is a prepaid debit card?
This negative credit report item can remain for up to ten years.
What is bankruptcy?
This type of life insurance builds cash value over time.
What is whole life insurance?
These investments are typically lower risk and involve lending money to a company or government in exchange for interest.
What are bonds?
This legal document names who receives assets after death.
What is a will?