Budgeting Basics
Money you earn from a job is called
What is income?
Borrowing money and paying it back later uses this
What is credit?
A place where people keep their money
What is a bank?
Putting money into something, hoping it grows
What is investing?
Money set aside for emergencies
What is an emergency fund?
A plan for how you spend and save money
What is a budget?
A plastic card that lets you borrow money
What is a credit card?
An account mainly used for spending money
What is a checking account?
Owning a small part of a company
What is a stock?
Comparing prices before buying something helps you do this
What is saving money?
This type of expense stays the same every month
What is a bill?
This number shows how trustworthy you are with borrowing money
What is a credit score?
An account mainly used for saving money
What is a savings account?
Money that grows from previous interest is called this
What is compound interest?
Needs include food and housing, while these are optional
What are wants?
Buying things you want instead of things you need is called
Impulse buying
The extra money charged when you borrow
What is interest?
This keeps your online banking safer
What is a password/two-factor authentication?
Spreading money across different investments lowers this
What is risk?
A scam asking for passwords or bank info online is called this
What is phishing?
If you make $500 and spend $450, this is how much you save
What is $50?
Missing credit card payments can hurt this
What is your credit score?
Money banks pay you for keeping money in savings
What is interest?
Starting to invest young helps because of this
What is time/compound growth?
The smartest first step before making a big purchase
What is making a budget/researching costs?