Money Management
Needs are more important than wants. True or false?
What is true?
A tool to buy something now and pay for it later.
What is credit?
True or False: A state university is more affordable than a private university.
What is true?
Money set aside that you don't spend so that it can be used later.
What are savings?
Reimburses you for unexpected losses or damages caused by a specific set of hazards.
What is insurance?
Money that you set aside for unexpected events/costs.
What is an emergency fund?
The amount you pay to use someone else's money.
What is interest?
True or false: Your level of education after high school will not affect your earning potential.
What is false?
Buying something with the expectation that it will make money for you.
What is investing?
The fraction in a financial burden that you are required to pay before insurance pays out the rest.
What is a deductible?
Deciding you want something and buying it right away is called? (hint- two words).
What is instant gratification?
What is a mortgage calculator?
The term used for the amount of money you will pay each year to attend college.
What is tuition?
the interest you earn on a balance in a savings or investing account is reinvested, earning you more over time The more often your money is earning interest, the faster and bigger you account will grow.
What is compounding interest?
Type of insurance that covers your vehicle in a car crash.
What is auto?
Detailing exactly how you are going to use your money to pay for the things you want and need.
What is a budget?
Details how a person has used credit in the past.
What is a credit report?
You must pay this to the government every year and it is amount is dependent on the amount of money you made that year.
What is income tax?
An increase in the general price level of goods and services in an economy, which corresponds to a reduction in the purchasing power of money.
What is inflation?
The type of insurance you would need if you lived in apartment of home that you do not own.
What is rental?
Expenses that cost the same every time-often a set monthly payment.
What is a fixed expense?
A quick way to calculate interest. The formula is: Interest=principal x interest rate x time
I=PxRxT
What is the simple interest formula?
How much money your job pays you each year.
What is salary?
An item of value that can be converted into cash.
What is an asset?
At every age, people are more likely to become _______ than to die.
What is disabled?