Money Terms
What do we call money earned from working a job?
Income
Housing is classified as a financial ______.
Need
Total earnings before deductions are called ______ pay.
Gross
A plan for spending money is called a ______.
Budget
Spending money you do not have creates ______.
Debt
What do we call money that is set aside and not spent?
Savings
Entertainment is classified as a financial ______.
Want
Earnings after taxes are called ______ pay.
Net
Expenses that stay the same each month are ______ expenses.
Fixed
Money saved earns ______ over time.
Interest
What do we call the tradeoff made when choosing one option over another?
Opportunity cost
Money spent on non-essential items is classified as a ______. Which category is reduced first when income decreases?
Want
Pay based on hours worked is called ______ pay.
Hourly
Expenses that change month to month are ______ expenses.
Variable
Failing to plan spending often causes ______.
Overspending
What term describes limited resources and unlimited wants?
Scarcity
Food purchased for survival is a ______.
Need
Extra pay for hours beyond regular time is called ______.
Overtime
When expenses exceed income, it is called a ______.
Deficit
Not paying bills on time harms your ______.
Credit Score
Which category is reduced first when income decreases?
Wants
Money taken out of a paycheck is called a ______.
Deduction
When income exceeds expenses, it is called a ______.
Surplus
Long-term saving helps build ______.
Wealth