Debit vs. Credit
Your own money in your OWN account
What is debit?
Money we GET from working each month
What is net monthly income?
An economy based off of customs.
What is a traditional economy?
Pay yourself first when budgeting.
What is saving money?
An amount of money a lender gives you, but you must pay them back in a given time.
What is a loan?
Money you get from the bank, usually a loan.
What is credit?
Money we get BEFORE taxes.
What is gross monthly income(GMI)?
A central government that controls every decision made.
What is a command economy?
A plan for managing money.
What is a budget?
Deductions you have to do monthly.
What are taxes?
A number depending on how likely you are to pay back your lender.
What is a credit score?
An economy based on private businesses, supply, and demand.
What is a market economy?
Bills people have to pay.
What are fixed expenses?
When you put money into something in hopes that you profit later.
What is investing?
A hybrid economy combining elements of both market freedom and government control.
What is a mixed economy?
Money you put away into savings for a goal in under a year.
What is a short-term goal?
a type of tax paid every month lower the cost of health visits.
What is healthcare taxes?
An economy primarily focusing on the people rather than profit.
What is a socialist economy?
Money you put away for a goal in over a year.
What is a long-term goal?
Owning a company.
What are stocks?