Budget
When planning your __________ it is always good to save for a rainy day.
Fixed Expenses
Bills that you have to pay for each month that do NOT change are called _____________.
Opportunity Cost
What is the term for the second best choice or alternative a person gives up to get something else?
Retirement
Having enough money to quit working, but still maintain your lifestyle
Extra money that you have to for the use of someone else's money
What is interest?
Income
What is the term for the money you earn?
The ability to borrow money for short term. Buy Now, Pay Later.
What is credit?
A higher level of education and more responsibility will earn more money, because there are fewer people who have that particular skill set.
Why do some jobs (like a Doctor) pay more money to workers than other jobs (like fast food workers)? Wage
budget- for your income and expenses.
A plan on how you earn, spend and save your wages.
Trade off
What is the term for a decision that results in giving up one thing to get something else
What your APR is.annual percentage rate , credit limit, payment date
When dealing with credit cards it is CRITICAL to know ....
Debit Card
What kind of payment option is a card that allows money to be withdrawn from a person's bank account? Buy Now, Pay Now.
Investing
Using money to make more money is know as ?
Short term
If someone is saving money for less than two months, it is considered a(n) _______ goal.
Savings
Setting money aside now for the use in the future.
The higher the level of education the higher the income level over a lifetime
How is education related to your income level ?
interest
A sum paid or charged for the use of money or for borrowing money
Debt
something, typically money, that is owed or due
salary
The money paid to an employee for their work or services
Spending
Using money to purchase goods and services
Default
failure to pay back a loan
Credit Report
a report on a person's creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances
Credit Score
A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower.
collateral
A security pledged for the repayment of a loan.
Net Worth
assets minus liabilities
Assets
money and other valuables belonging to an individual or business
libilities
the legally bound obligations to pay debts