Budget Basics
What is a WANT?
Anyone who pays taxes to a city, county, state, or federal government
What is a taxpayer?
The type of insurance that pays for medical expenses and illness
What is health insurance?
Credit =
What is 'borrowing money'?
A plastic card that is used to access a pre-determined line of credit.
What is a credit card?
The savings technique where you put money into a savings account BEFORE paying other bills.
What is "pay yourself first"?
Type of tax that is NOT in Montana.
What is sales tax?
The cost of purchasing an insurance policy.
What is a premium?
A key question you should ask yourself before borrowing money.
Do I have money in a savings account to pay for this?
Can I wait to purchase this item until I have enough money saved?
The lowest dollar amount a cardholder can pay to a credit card company in a month.
What is minimum payment?
You should always use this type of income when budgeting for expenses.
What is net income?
The tax form titled employee withholding certificate; it tells employers how much money to withhold from an employee's paycheck for taxes.
What is the W-4 form?
The type of insurance that covers loss of income/earnings due to an illness or injury.
What is disability insurance?
The type of credit where you pay back borrowed money by a series of equal payments over a specific amount of time.
What is closed end or installment credit?
Name one factor that can determine the interest rate on a credit card.
What are: creditworthiness/score, credit card company/lender?
The average household income in America.
What is $60,000-$65,000?
This type of tax funds the Social Security and Medicare programs.
What is payroll or FICA tax?
What is individual, employer, or government?
The type of credit where you use and pay back borrowed money in unequal payments as long as you do not exceed a limit.
What is revolving or open end credit?
The name of the table that outlines all terms (interest rates, fees, etc.) on a credit card offer or application.
What is the Schumer Box?
The most detailed type of budget as it plans for how every dollar of income will be spent.
Income - Expenses = $0.
What is a zero-sum or comprehensive budget?
The person who receives payment if a person with life insurance passes.
What is a beneficiary?
The total amount of money one should borrow should be less than _____________ of your annual net income.
What is 20%?
A credit card with strong benefits or rewards probably have this.
What are: higher interest rates OR annual fees?