Income
3 types of income
What is fixed, variable, & irregular
this type of institution gives customers the ability to hold accounts like savings, checking.
What is a bank?
the purpose of budget is to track your income and spending T\F
false
a payment card that withdrawls money directly from your checking accounts
What is a debit card?
percentage of your pay check should go to savings
what is 20%
the money you gain before tax collects its portion
what is gross income?
This is what credit card companies charge for use their money
What are finance chanrges?
the percentage method used to portion out bills and payment
what is the 50/30/20 rule
those who buy securities or other assets in hope of earning a return and getting more money back in the future.
what is an investor?
this terms stated in numerical form is important when determining an accounts potential for growth over time
What is an interest rate?
this type of credit score goes up to 850
what is fico score
this is a set percentage of your income that you commit to saving each month before you spend it
what is pay yourself first
ATM stands for
What is Automatic Teller Machine?
a savings goal where you aim to keep at least three to six months of living expenses in case of emergencies
what is an emergency fund?
to pay down multipule sources of debt at the same time
what is debt consolidation?
the analysis and process of choosing securities and other assets to purchase
what is investment?
this government backed account is typically offered by employers and is meant for retirement
what is 401k?
the total amount of income a household has after tax
what is disposable income
this is a legal process where a person or business declares they are unable to pay their debts and may be required to liquidate assets
what is bankruptcy
this term refers to the total value of goods and services produced in a country
what is GDP