Money Basics
This is what you call the money you earn from working a job.
What is income?
When you set aside money for things like rent, food, and fun, you’re making this type of plan.
What is a budget?
To avoid being late, many people set one of these before they go to sleep.
What is an alarm?
This three-digit score shows lenders how reliable you are at paying back money.
What is a credit score?
This is the term for money you receive from a job
What is income?
To make sure you don’t overspend, this financial tool helps you track what you earn and spend.
What is a budget?
If you spend more money than you make, you’ll have this kind of balance.
What is a negative balance (or debt)?
To keep a space neat and organized, it’s helpful to make a habit of this activity, like washing dishes or putting things away.
What is cleaning up (or tidying)?
When you rent an apartment, this document outlines the terms of your agreement.
What is a lease?
When you borrow money and need to pay it back with extra, you’re paying this cost.
What is interest?
This type of bank account is designed for saving your money and earning interest over time.
What is a savings account?
To keep track of your money, it's a good idea to check this each month, which shows all your purchases and deposits.
What is a bank statement?
This is something people create each week to list the food items they need to buy.
What is a grocery list?
If you borrow money to buy something big, like a car, you’re taking out this type of agreement.
What is a loan?
A sum of money that an individual or company borrows from a lender. It can be classified into three main categories, namely, unsecured and secured, conventional, and open-end and closed-end loans.
What is get a loan (or borrow money)?
While one card spends directly from your bank account, the other lets you borrow to pay back later.
What is the difference between a debit card and a credit card
"When making a budget, this spending category includes rent, utilities, and groceries."
What are essentials (or necessary expenses)?
This is a simple meal preparation technique where you cook several meals at once and store them for later use.
What is batch cooking?
When you get a job, you often fill out this form to decide how much of your paycheck goes to taxes.
What is a W-4 form?
"To build credit, people often use these cards that allow them to make purchases and pay later."
What are credit cards?
On credit cards, this three-letter term represents the interest rate you’ll pay if you don’t settle your balance in full each month
What is APR (Annual Percentage Rate)?
Saving a portion of your money each month is a way to prepare for these events, like a car repair or medical bill.
What are emergencies expenses?
This is a system to keep track of appointments, deadlines, or events, helping you stay organized.
What is a calendar?
This type of insurance protects you from high medical costs if you get sick or injured.
What is health insurance?
Putting money in this kind of fund helps you be prepared for unexpected expenses, like a car repair.
What is an emergency fund?