Banking
What type of account is typically used to keep money that will be used for a later time?
Savings Account
This is the amount of money you should spend on your needs.
50%
This is a plan that outlines your income and expenses, helping you to reach your finance goals.
Budget
This is the amount of money that should be set aside and put into savings.
20%
This type of card can offer benefits such as rewards, cash back, points, and travel insurance.
What is a credit card
This may include your paycheck, money for chores, gifts, investment income, and/or other assets.
What is your source of income?
Your water bill is an example of this type of expense.
Variable
What type of job pays someone based on a percentage of something they sell?
Commission
This is the best way to protect your credit rating.
What is pay your bills on time?
What type of card can effect your credit score, positively or negatively?
A Credit Card
The act of allocating money into assets such as stocks, bonds, or real estate, in the hopes to make more money
What is investing
The amount of income you have left after paying taxes
gross income
The limit of money deposited in a bank that is insured by the FDIC.
What is $100,000.00?
Name the three types of expenses learned in this unit.
Fixed, Variable, Periodic
Examples of this type of expense include groceries, wireless telephone, electric, heating oil/gas, and gasoline.
What are variable expenses?
Interest
Having dinner with friends is known as what type of expense?
Periodic
This happens when you write checks for more money than is in your account.
What is an overdraft?
A disadvantage of this type of card is that it does not help to build your credit score.
Debit
What amount of your income should be spent on your wants?
30%
The major advantage of this type of card is that it is much easier to avoid going into debt.
Debit Card