Saving
This is money you set aside to use later instead of spending it right now.
Savings
This is an agreement where someone lends you money and you promise to pay it back — usually with extra money added on top.
Credit or a loan
Clue: A budget is a plan for how you will _______ your money before you actually spend it.
spend (or manage / allocate)?
This is the person who buys goods or services — in other words, you when you shop.
What is a consumer?
This is the regular payment you make to keep your insurance active — even if you never use it.
What is a premium?
This popular saving rule says you should put away 20% of your income, spend 50% on needs, and 30% on wants.
50/30/20 rule
this 3-digit number tells lenders how trustworthy you are with money. A higher number means better credit.
Credit score
These are bills that stay the same amount every month — like rent, a phone plan, or a streaming subscription.
Fixed Expense
Before buying something, smart consumers do this to make sure they're getting the best price — especially for big purchases.
Comparison Shopping
This type of scam sends a fake email or text pretending to be a real company to trick you into giving up your personal information.
Phishing
Clue: This type of savings account is meant to cover unexpected emergencies — like a job loss or broken phone — and experts say it should cover 3 to 6 months of expenses.
What is an emergency fund?
This is the extra money you pay back on top of what you borrowed — it's how lenders make money.
Interest
Clue: These are costs that change month to month — like groceries, gas, or going out to eat.
What are variable expenses?
This is a store brand or generic version of a product that costs less than the name brand but is often just as good.
What is a generic (or store brand) product?
This is a major red flag for a scam: an offer that seems too good to be true, asks for payment in gift cards, and pressures you to act RIGHT NOW
What is a scam (or fraud)? — accept any 2 of the 3 warning signs
Clue: This is when your money earns interest, and then that interest ALSO earns interest over time — making your savings grow faster the longer you leave it.
Interest or COmpound interest
Daily double- get double the points if correct
This happens when you borrow money using a credit card but don't pay the full balance — the leftover amount you still owe is called this.
Debt or a Balance
This happens when you spend MORE money than you have coming in — the opposite of a balanced budget.
What is a deficit (or going over budget)?
This small print at the bottom of a sale or advertisement lists the conditions and exceptions — and ignoring it can cost you money.
What is fine print (or terms and conditions)?
This is the amount of money YOU have to pay out of pocket before your insurance kicks in and starts covering the rest.
What is a deductible?
True or False: A need is something necessary for survival, while a want is something that may make life easier
True
Clue: Name one thing that can HURT your credit score.
Answer: What is missing a payment, maxing out a credit card, applying for too much credit at once, or having debt sent to collections? (accept any one)
This is the money left over after all your expenses are paid — the goal of every good budget.
Surplus
Insurance is a way of _______ risk — you pay a small amount regularly so that a larger unexpected cost is covered.
What is managing (or transferring / sharing) risk?
Insurance is a way of _______ risk — you pay a small amount regularly so that a larger unexpected cost is covered.
what is managing (or transferring / sharing) risk?