$ terms
What is a Budget?
A plan for managing your income, monthly expenses, and savings to track where your money goes.
What is an example of a fixed expense?
Apartment Rent
What is Investing?
Allocating money into assets like stocks or bonds with the expectation of earning a profit or return over time.
What events might affect the price of security
Current events.
True/False: You need a bank account to save money.
False
What is a Credit Score?
A three-digit number representing your creditworthiness, which helps lenders decide whether to approve a loan and at what interest rate.
What are the types of Debt?
Secured, Unsecured, Installment, or Revolving.
What are Taxes?
Mandatory fees paid to federal, state, and local governments to fund public services and programs.
A man had a budget of 500 dollars per Month for clothes, and he spent $134, $89, $171, $56, throughout. Did he make his budget?
Yes
What are some common tools/features people can use via their bank to send/receive money to each other?
Paypal, Cashapp, Zelle, etc.
What is Debt?
An amount of money or obligation that you owe to another entity, such as a credit card company or bank.
What are some things that can cause you to go into debt?
Credit cards, loans, medical expenses, etc.
What is Liability?
In personal finance, this refers to the debts or amounts you owe, such as mortgages, loans, and credit card balances.
What is the difference between a savings account and a checking account?
A savings account typically earns interest the longer you leave it untouched. Checking accounts are the primary funds that you can use for daily living expenses.
What do you call somebody who gives professional financial advice?
Financial advisor.
What is income?
The total amount of money you earn from all sources, including your job, investments, or government benefits.
What are the things you can do to increase your credit score?
Pay bills on time, keep accounts open, become an Authorized user, or stop using credit cards so much.
What is bartering?
When money is not used, and goods and services are exchanged for other goods and services
The term used to describe the ease and speed with which you can convert savings or an investment to cash
Liquidity
The type of financial institution pays the highest rate of interest on savings account balances?
Credit Unions
What is a Mortgage?
A specific type of loan used to finance the purchase of a home or property.
What are examples of expenses?
Food, water, electricity, and other bills.
What is an Annual Percentage Rate (APR)?
The total cost of borrowing money for a year, including interest and other fees, expressed as a percentage.
Debbie owns a clothing store. She is concerned that a customer who is injured in the store will sue. Which type of insurance should she have?
Liability insurance
What is the official U.S. government agency that prints paper money?
What is the Bureau of Engraving and Printing?