Income
What is income?
Money received from a job.
What is Savings?
The portion of your income that you do NOT spend.
What is Debt?
Money owed.
What is Budget?
A record of your income and spending, as well as a plan for managing your money.
1. Income
2. Sales
3. Property
What is gross income?
Total pay BEFORE deductions
What is an insurance policy?
A contract that outline coverage plans and protects a person from a financial loss.
How can you use your money in your Checking Account?
1. Debit Card
2. Cash
3. Checks
What is opportunity cost?
The choice they give eup when making financial decision.
What is a premium and a deductible?
A premium is the cost of an insurance policy. A deductible is money paid before insurance covers the remaining costs.
What is net income?
Total pay AFTER deductions
What is interest?
A fee that is received or paid for the use of money.
What is Debit?
An amount deducted from a bank account.
What are the three parts of a budget?
1. Income
2. Expenditures
3. Savings
What are taxes?
Required payments to the government.
What is the definition of Financial Institution? What is one example?
A business that provides services related to money.
Examples: Bank, credit union, investment firm
What is a Credit Score?
A number to represent a person's creditworthiness.
What is impulse buying?
A purchase based on an immediate want.
What is the purpose of taxes?
To pay for programs to help citizens.
What does it mean to invest? What are two examples of investments?
To try to grow your money.
Examples: stocks, mutual funds, bonds
What is Credit? What are examples of credit?
Obtaining goods before payment by agreeing to pay later.
Examples: credit cards, loans
What are some examples of expenditures?