Money Basics
This is the money you earn from working a job or other sources?
What is income?
These are things you must have to live, like food and shelter?
What are needs?
A card linked directly to a checking account. Allows you to make purchases
What is a debit card?
How long does it take to complete a Bachelor's Degree?
What is 4 years?
How many years does it take to obtain an Associate's Degree?
What is 2 years?
A plan that helps you track your spending and saving each month?
What is a budget?
Essential items necessary for survival?
What are needs?
Using your credit card but not paying the full balance can lead to this?
What is debt?
Exchanging money for goods, services, or items?
What is spending?
The actual amount of money an employee receives after deductions are subtracted?
What is net pay?
What are savings?
Buying a new phone when your old one still works is an example of this?
What is a want?
A 3-digit number that helps lenders determine the risk of lending you money
What is a credit score?
A card issues to a borrower that provides a line of credit, allowing users to borrow funds up to a set limit?
What is a credit card?
The amount of money an employee earns before any taxes or deductions?
What is gross pay?
The money you spend on things like food, clothes, and entertainment?
What are expenses?
Paying rent every month is an example of this?
What is a need?
This is the extra amount you may have to pay when you borrow money?
What is interest?
What is the credit score range?
What is 300-850?
List 3 examples of debt?
Mortgage, credit card debt, student loans, personal loans, medical debt, car loans
Savings set aside for unexpected expenses, like a car repair or medical bill
What is an emergency fund?
Non-essential items that enhance your life?
What are wants?
The borrower receives something of value now, in agreement to repay the lender later (typically with interest)
What is credit?
List 2 of the 3 factors that affect salary?
What is: Degree type, field of study, or location?
The out-of-pocket dollar amount you pay before a health service?
What is a co-pay?