Vocabulary
The money an individual or entity receives in exchange for labor, services, or investments.
Income
What should you spend money on first
A: need, B: want?
A: need
When you can pay the money back over time.
A: credit, B: Debit
A: credit
What is the meaning of S in S.M.A.R.T
Specific
A toy is a _______
Want
Making a plan with money
financial plan
name 2 needs that we should spend on
(multiple correct answers).
food/water, shelter, air, sunlight, sleep.
Which card would be a better option to buy a car with
A: credit, B: debit
A: credit
What is the meaning of A in S.M.A.R.T
Achievable/Attainable
Water is a _____
Need
What is the difference between amount earned and spent.
Profit
What is the meaning of spending?
Using money to pay for goods, services,
True of false, both credit and debit cards are connected to your checking account.
False
What is the meaning of T in S.M.A.R.T
Time-bound
True or false, food, water, shelter, toys, and sleep are all needs?
false, (toys are not a need)
What is the full meaning of S.M.A.R.T
Specific, Measurable, Achievable/Attainable, Realistic/Relevant, and Time-bound
What are the 3 types of budgets?
Weekly, monthly, and yearly
Which card has interest?
Credit card
What does Measurable mean in the acronym S.M.A.R.T
Quantify your goals so you can track progress
what is a need?
Essential requirements for human survival.
The value of your next best alternative
Opportunity Cost
Why is it good to create a budget?
(multiple correct answers)
Because it helps save money/ not overspend, track spending, reach goals, and helps you gain financial control.
True of false, the debit card does not affect your credit history.
true
What does Relevant mean in the acronym S.M.A.R.T
The goal should align with your long-term financial needs
What is a want?
Something that someone would like to have.