Smart Shopping
Things you have to have and things you want to have
Needs and Wants
What you can use if you want to pay for something by borrowing money from the bank
Credit Card
True or False: You always have to pay full price to attend college.
False
When the price of products and services increases over time
Inflation
What people pay for to financially protect themselves in the event of an emergency
Insurance
The trade-off of making one choice and giving up another choice
Opportunity Cost
Two types of income
Salary and Wage
What you should do first when planning your career
Make a list of job preferences and skills
True or False: Earning compound interest is better than earning simple interest.
The amount you pay the insurance company monthly for coverage is called . . .
The type of expense that can change month to month
Variable Expense
The record of how you pay back the money you borrow from a bank
Credit History
Attend an in-state university; scholarship
Deflation
Stock
The two main parts of every budget
Income and Expenses
True or False: The longer you use credit responsibly the lower your credit score will be.
False
The program in college where you can gain on-the-job experience and earn money while going to school.
Work-Study Program
The money a business earns from the sale of products and services
Revenue
A loan to the U.S. government for a set amount of time that can earn you a higher rate of return compared to just putting your money in a savings account
What you can use to compare the prices of two brands
Unit Price
The problem with paying only your minimum credit card balance each month
You have to pay interest
What someone with a professional degree can expect to earn compared to someone with a high school diploma who didn't attend college
Three times as much
When a business pays out more in expenses than it earns in revenue
Loss
The money you have to pay out of pocket before the insurance company will step in and pay for the remainder of your expenses
Deductible