Income & Taxes
This is the term for the money you receive, usually from a job or allowance.
What is income?
This is the "fee" you pay to a bank for borrowing their money, or the money the bank pays you for keeping your money there.
What is interest?
Food, water, and basic shelter are categorized as these.
What are Needs?
This 3-digit number tells lenders how "trustworthy" you are with borrowed money.
What is a credit score?
This is the total amount of money you earn before any taxes or deductions are taken out.
What is Gross Pay?
his type of expense stays the same every month, like a car payment or a Netflix subscription.
What is fixed expenses?
Unlike a credit card, this card takes money directly out of your checking account the moment you use it.
What is a debit card?
This is the price of a single item (like one ounce of cereal) used to compare different sizes of products.
What is the unit price?
This is the maximum amount of money you are allowed to charge on a specific credit card.
What is a credit limit?
This is the "take-home" amount you actually see on your check or in your bank account after all deductions.
What is Net Pay?
When your expenses are greater than your income, you are running one of these.
What is a deficit?
This is the mathematical magic where you earn interest on your original money plus the interest you've already earned.
What is compound interest?
This is a strategy where you wait 24 hours before buying something to avoid an "impulse buy."
What is the 24-Hour Rule?
If you don't pay your full credit card bill, this "A.P.R." is the yearly interest rate you are charged.
What is the Annual Percentage Rate?
This is the required form a new employee fills out to tell the government how much federal income tax to withhold from their check.
What is a W-4?
This budgeting rule suggests putting 50% of your income toward needs, 30% toward wants, and 20% toward this.
What is savings?
his 4-digit code is what you use at an ATM to prove you own the account.
What is a PIN (Personal Identification Number)?
These are products that aren't "brand name" but usually have the same ingredients for a lower price.
What are generic brands?
This is a type of loan specifically used to buy a house.
What is a mortgage?
While some people are paid by the hour, many professional jobs pay this fixed annual amount regardless of how many hours you work.
What is a salary?
To "Pay Yourself First" means to do this specific action as soon as you get your paycheck.
What is putting money into savings before spending on anything else?
If you spend more money than you actually have in your checking account, the bank will charge you this type of fee.
What is an overdraft fee?
Doing this can help you only buy what you need when you are shopping for groceries?
Making a grocery list
True or False: Using a credit card is the same as taking out a small loan every time you swipe.
True
This is the pay you take home after all of your taxes and deductions are taken out. This called your:
Net Pay