banks & paychecks
What is the paper you get when your job pays you?
paycheck
What is a debit card?
A card that takes money from your bank account
What do you call money you keep for later?
savings
What is a credit score?
a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time
What is the place where you can keep your money safely and withdraw it when needed?
a bank or credit union
What do we call the money a job pays you before taxes?
gross pay
What is a credit card?
A card that lets you borrow money you must pay back
What’s a good reason to save money?
To buy something important or for emergencies
What happens if you don’t pay your credit card bill on time?
You get charged interest and late fees
What is the difference between a checking account and a savings account?
A checking account is for daily spending, while a savings account is for storing money and earning interest
What do we call the money you take home after taxes?
net pay
What happens if you don’t pay your credit card bill on time?
You owe extra money, called interest
What do you call money you owe to someone?
debt
What is a loan?
Money borrowed that must be paid back, usually with interest
What is direct deposit?
When your paycheck is automatically sent to your bank account instead of getting a paper check
What are deductions on a paycheck?
Money taken out for taxes, insurance, or other benefits
Which card uses your own money: debit or credit?
debit
Why is comparing prices before buying something a smart habit?
It helps you find the best deal and save money
What is the difference between a credit card and a debit card?
A credit card borrows money; a debit card uses your own money
What is the purpose of a bank statement?
It shows your account balance, deposits, withdrawals, and transactions over a period of time
Which taxes are deducted from your paycheck to support retirement and healthcare programs for older adults?
Social Security and Medicare
What happens if you borrow too much money and don’t pay it back?
you get into debt
What do you call writing down how much money you have and spend?
a budget
Why is it important to have a good credit score?
It helps you get loans, rent an apartment, or buy a car
What does it mean to "overdraft" your bank account?
Spending more money than you have, leading to fees