Budgeting Basics
Money you receive regularly from a job or allowance.
What is income?
A safe place to keep your money.
What is a bank?
Borrowed money that must be paid back.
What is debt?
Money taken out of your paycheck by the government.
What are taxes?
A monthly payment people make to live in an apartment or house they do not own.
What is rent?
A plan for how you will spend and save your money.
What is a budget?
This card uses money directly from your bank account.
What is a debit card?
This score helps lenders decide if they can trust you with money.
What is a credit score?
The amount you earn before taxes are taken out.
What is gross pay?
This bill keeps your phone connected.
What is a phone bill?
This happens when you spend more money than you earn.
What is overspending?
Money added by the bank for keeping money in a savings account.
What is interest?
Paying a credit card bill late can hurt this.
What is your credit score?
The amount you actually take home after deductions.
What is net pay?
Name one expense people often forget about when owning a car.
Insurance, gas, repairs, registration, oil changes.
Name one thing teenagers should include in a monthly budget.
Gas, food, clothes, entertainment, savings, phone bill, car insurance.
Which account is usually better for spending money daily: checking or savings?
What is a checking account?
True or False: A credit card is free money.
What is false?
Name one thing employers may deduct from a paycheck besides taxes.
Insurance, retirement, uniforms, benefits.
Why is it important to have emergency savings?
Unexpected expenses, job loss, car repairs, medical bills.
If you earn $120 and save 25%, how much do you save?
What is $30?
What could happen if you spend more money than you have in your checking account?
Overdraft fee, declined purchase, negative balance.
Name one danger of only paying the minimum payment on a credit card.
More interest, debt lasts longer, costs more money.
If you work 10 hours at $15 per hour, what is your gross pay?
What is $150?
Name one financial habit that helps adults avoid money problems.
Budgeting, saving, paying bills on time, avoiding impulse spending, tracking expenses.