MONEY BASICS
The money you earn before taxes are taken out.
What is gross income?
A bank account mainly used for everyday spending.
What is a checking account?
A number that shows how trustworthy you are with borrowing money.
What is a credit score?
Something you must pay for to live, like food or housing.
What is a need?
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Money you set aside instead of spending.
What is savings?
This bank account earns interest over time.
What is a savings account?
Borrowing money with the promise to pay it back later.
What is a loan?
Something you want but don’t need to survive.
What is a want?
A fee charged by a bank when you spend more money than you have in your account.
What is an overdraft fee?
A plan that tracks income and expenses.
What is a Budget?
A card that allows you to spend money you already have in the bank.
What is a debit card?
This happens when you don’t pay a bill on time.
What is a late payment?
Comparing prices before buying.
What is comparison shopping?
Money you earn from sources other than a regular job, like investments or rentals.
What is passive income?
Money you owe to someone else.
What is Debt?
A bank machine that lets you withdraw cash.
What is an ATM?
The total cost of a loan, including interest.
What is the amount owed?
Buying something without planning or thinking.
What is impulse spending?
The process of checking your bank statement to ensure all transactions are correct.
What is reconciling your account?
The extra cost of borrowing money.
What is Interest?
Money you keep available for unexpected expenses.
What is an emergency fund?
A person who agrees to pay your loan if you don’t.
What is a cosigner?
The ability to wait and save instead of spending right away.
What is delayed gratification?
This protects your money in the bank if the bank fails (up to a certain amount).
What is FDIC insurance?