Banking 1
A safe place where people keep their money.
What is a bank?
The ability to understand and manage your money in a smart way so you can reach your goals.
What is financial literacy?
The money you receive from your job
What is a salary?
Debts that are owed by someone.
What is a liability?
When you take money out of your bank account.
What is a withdrawal?
Things you must have to live and function.
What is a need?
The lowest hourly wage a employer can pay their employee.
What is the minimum wage?
The value of one's assets minus one's liabilities
What is net worth?
When you put money into your bank account.
What is a deposit?
Things that are nice to have but are not necessary.
What is a want?
Money that you earn.
What is income?
People create and keep a personal budget to help them
set and reach financial goals
The abbreviation for an Automated Teller Machine?
What is a an ATM?
Money owed from one person to another person/an institution
What is a debt?
The process of making a plan for how you will earn, spend, and save your money
What is budgeting
Costs that stay the same each month
What are fixed expenses?
A type of bank account used for everyday spending. You can use it to pay bills, buy things, or take out cash.
What is a checking account?
The highest amount of credit a financial institution gives to a client on a credit card.
What is credit limit?
The score given by a credit agency regarding your ability to pay off a debt.
What is a credit score?
Bills and Loans are examples of
What is a liability?
Money that you borrow and agree to pay back later.
What is a loan?
Things you spend money on.
What are expenses?
What's the name for a paper document issued by an employer to pay an employee.
What is a paycheck?
Costs that can change from month to month.
What is variable expenses?