I owe money :( 1
Money you pay to live in a space owned by someone else.
What is rent?
The money you gain on an account over time.
What is interest?
This term describes the practice of putting money aside regularly to achieve specific financial goals, such as buying a car or going to college."
What is a savings goal?
When you take money out of your bank account.
What is a withdrawal?
Money owed from one person to another person / an institution.
What is a debt?
When budgeting, you want this to be less than your income.
Expenses.
What does CD stand for?
Certificate of Deposit.
The knowledge and application of various financial skills.
When you put money into your bank account.
What is a deposit?
A card issued to consumers that is used to make purchases, with the agreement that the cardholder will ultimately pay back the card issuer for the cost of the items purchased, along with any agreed upon fees and interest.
What is a credit card?
Money collected by the government from your paycheck.
What is income tax?
A tax-advantaged, personal savings account for retirement, established through financial institutions.
What is an IRA?
A plan for earning and spending over a period of time.
What is a budget?
A card issued by a bank that allows the account holder to transfer money electronically to another account when making a purchase.
What is a debit card?
A thing that is borrowed, especially a sum of money that is expected to be paid back in interest.
What is a Loan.
A type of loan used to buy a house.
What is a mortgage?
A retirement savings plan that lets you invest a portion of each paycheck before taxes are deducted.
What is a 401k?
In personal finance, this term describes a record of how well you manage your debts and repayments.
What is credit history/credit score?
This term refers to a financial account where you can deposit money and earn interest over time.
What is a savings account?
The money charged for the privilege of borrowing money.
What is interest?
The amount you pay before your insurance company starts paying.
What is a deductible?
Buying equity in a company in the hopes that it grows in value.
What is investing in stocks?
What is a SMART goal?
Specific, Measurable, Achievable, Relevant, Time-Bound
A type of bank account that allows you to easily deposit and withdraw money for daily transactions
What is a Checking Account?
I have enough money to pay the balance of my credit card, but I just pay the minimum monthly payment. Is that the best financial decision? True or False
False
Paying the Minimum amount is not the best decision. A person is charged interest when their credit card balance is not a 0 by the end of the month.