Banking
This is a financial institution that accepts deposits, provides loans, and offers a wide range of financial services to individuals and businesses.
What is a bank?
This is the habit of saving a portion of your money before spending it, which helps you plan for future expenses. The abbreviation for this is "PYF".
What is "paying yourself first"?
This is a plan for how to spend and save your money.
What is a budget?
If you want to buy something but don’t have enough money, you might need this kind of payment plan to pay over time.
What is a loan?
This is a long-term investment option that allows you to own a small part of a company.
What is as stock?
This is a written order directing a bank to pay a specific amount of money from your account to another person or business.
What is a check?
This is something you really want, but it’s not necessary, like video games or candy.
What is a "want"?
Amount of monthly income remaining after all tax deductions have been taken out.
What is net monthly income?
This is the type of loan you take out when you want to buy a house.
What is a mortgage?
This is the best way to protect your credit rating.
What is pay your bills on time?
This number tells banks how good you are at paying back money you borrow.
What is a credit score?
This is the bank’s reward for letting them use your money while it’s saved.
What is interest?
This is the amount of money you put down upfront when buying a house, usually a percentage of the home’s price.
What is a down payment?
This is the money you earn from your job or investments before any deductions are taken out.
What is gross monthly income?
This bank account is great for saving money and usually earns interest.
What is savings?
This is a smart reason to save money, like for college, a house, and/or retirement.
What are long-term savings goals?
Examples of this type of expense include groceries, wireless telephone, electric, heating oil/gas, and gasoline.
What flexible/variable expenses?
This is the number of months or years over which you pay back an auto loan.
What is the term loan?
This type of tax is applied to purchases, like when you buy a new shirt or car.
What is sales tax?
This plastic card takes money directly from your checking account when you buy something.
What is a debit card?
This kind of spending happens when you buy something without planning.
What is impulse buying?
One of the ways (relating to time) that expenses occur.
What is monthly, annually, quarterly, periodically, etc..?
When you borrow money to buy a house, you pay this extra amount on top of the loan for borrowing the money.
What is interest?