Types of Income
Income earned based on an hourly rate. Employees who earn wages are typically paid for each hour they work, which means the total income can vary depending on the number of hours worked
What is wages?
A way to balance income, expenses, and financial goals for a specific length of time
What is a Budget?
This account is used for paying bills, shopping with a debit card, writing checks
What is a checking account?
A card issued by a financial institution, typically a bank, and it enables the cardholder to borrow funds from that institution
What is a credit card?
This city is the capitol of France
A fixed, regular payment typically received on a biweekly or monthly basis, often stated as an annual amount. This income does not change based on the number of hours worked.
What is a salary?
When you list the income coming into your household, you are:
Identifying your income
This account is used for setting aside money for future goals, and building an emergency fund.
What is a savings account?
A payment card that makes payments by deducting money directly from a consumer’s checking account
What is a debit card?
The chemical symbol for water
H2O
Income earned based on sales performance, where the amount depends on the value or volume of sales completed. This type of income often serves as an incentive for employees to make more sales.
What is Commission?
When you pick a time frame, like one month, and make a list of what you spend money on during that time, you are:
Tracking your expenses
This account features the following: Interest earned on your balance (varies by bank), Withdrawal limits (e.g., a limited number of withdrawals per month), and may require a minimum balance
What is a savings account?
List one of the benefits a credit card provides
- Rewards (cash back, points, etc.)
- Build credit
- Fraud/purchase protection
The first animated Disney movie ever made is named:
What is Snow White?
Extra income given directly by customers for services provided, in addition to a base wage. This type of income is common in service industries, where they can vary widely based on service quality.
What are tips?
When you note your current bank account balances and debt obligations, such as a car loan or mortgage
You are reviewing account balances and debts
This account features no interest (or very low interest), some have monthly fees or overdraft fees, and may require a minimum balance.
What is a checking account?
List one of the benefits of a debit card:
- Avoid debt
- No fees
This artist painted the Mona Lisa
Who is Leonardo da Vinci
Imagine someone who has two jobs. One job pays them a fixed amount per year, and the other pays them at an hourly rate. They receive these two forms of income:
Whats is Salary and Wages?
List one of the 3 steps to starting a Budget
1. Identify your income
2. Track your expenses
3. Review account balances and debts
This account is neither a savings or checking account. It features higher interest rates, but requires that your money be "locked" for a set amount of time.
What is a certificate of deposit (CD)?
A numerical rating representing the ability for someone to fulfill their financial obligations
What is a credit score?
Ms. Reising's dog is named:
Duck