Saving
What does it mean to pay yourself first?
Automatic savings transfer
What is the term for all money coming into your account?
Income
What card withdraws money from your checking account
Debit card
What is Inflation?
The rise in the cost of goods over time
What is a loan?
a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
What is an emergency fund?
Amount of money you set aside for unexpected events
What is the term for all items you spend your money on?
Expenses
An account at a bank that allows withdrawals and deposits
Checking account
What is an overdraft?
Occurs when money is withdrawn from a bank account and there are not enough funds to cover the transaction
Which type of student loan DOES NOT accrue interest?
Subsidized Loans.
What is interest?
Interest is the fee paid for borrowing money, or the money earned for saving or investing it.
What should you consider when creating a budget?
(All) Income and expenses
What is the card that you can apply for that uses borrowed money?
Credit card
What is a stock?
A small unit of ownership in a company.
What is the principal
This is the amount of money you borrow, not including interest or fees.
What is direct deposit
Electronic transfer of a paycheck directly into a bank account
Money that is owed or due
Debt
Extra money that you either earn or owe
Interest
What is the number one risk of investing?
Investing too much and having that certain company crash
What is the loan term?
This is the length of time you have to repay a loan in full.
What is Roth IRA
Individual Retirement Account
What is the 50/30/20 rule?
50% for needs, 30% for wants, and 20% for savings
An I.O.U that you pay later
Credit
What type of investment is done with a group of investors that pool their money together?
Mutual fund
What is the APR (Annual Percentage Rate)?
The total annual cost of a loan