Unit 1
Something you desire and it's not a necessity that you need to live.
Want
The fixed amount of money for each hour your work.
Hourly Rate
This number summarizes your credit history based on your financial behavior
Credit Score
Rent / Mortgage Payment is what type of expense.
Monthly Fixed Expense
Water, Food, Shelter, Clothing are all examples of
Needs
Something that is essential
Need
Hourly rate x hours worked is the formula to find...
Gross Pay
Straight Time Pay
Convenience , Future Planning, Benefits and Emergency are reasons that make ______ useful.
Credit
Expenses that occur one a year
Annual Expenses
This type of card helps build credit
Credit Card
A specific task done as a part of the routine of one’s occupation
Job
Lewis wants to buy a computer that he can use for school next year which is 10 months away. He discovers that he can buy a computer for $400 at a discount electronics store in town.
How much does Lewis have to save every MONTH to buy the computer ?
$400 / 10 months = $40.00 /mo
What is the highest credit score?
850
A emergency room bill is considered what type of expense:
Fixed Recurring Non-Recurring Whammy
Non-Recurring or Whammy
Calculate the Gross Pay:
Laura works $10.00 / hour and she worked 40 hours that week.
10.00 x 40 hours = $400.00
Specific, Measurable, Attainable, Realistic, Timely is the acronym for
SMART Goal
If someone gets paid "time and a half" , how much is that worth ?
1.5 times hourly rate
Which one is NOT a way to build credit :
A. Using a credit card
B. Paying your bills using a debit card
C. Student Loans
D. Getting a Mortgage
B. Paying your bills using a debit card
In this budgeting strategy, the first “bill” you pay every month is to your savings account.
"Pay Yourself First"
The "T" in SMART Goal stands for
Timely
Which part of the SMART Goal "States exactly what is to be done"
Specific
A sum of money demanded by a government
Taxes
Name one way young people can build credit
Get a Co-Signer
Chip away at Student Loans
Get a secured credit card
Tag on another credit card (Authorized User)
In the 50/20/30 budget, the 20% represents ...
Savings
Annual Expenses / 12 , is the formula for....
Monthly Share of Annual Expenses