Question | Answer |
interest includes: | getting paid for doing a job;earning interest from a savings account;making profit from an investment |
things that you want but don't need | luxuries |
helps you spend money more wisely | budget |
setting aside a small amount of money each week can lead to... | eventually having money built up in savings |
what are 2 goals of saving money | buying things that you dont have the money for right now;so that you will have enough money to retire |
examples of long term savings goals | college;house;car;retirement |
examples of credit | credit card;car loan;home loan |
to spend money with the hopes of making more money in the furture that what you spent originally | investing |
borrowed money | credit |
what are the keys to success in personal finance | have a monthly budget;never borrow money that you cannot pay off in a reasonable amount of time;establish short, medium, and long term finance goals |
important financial responsibility for every adult | to control and understand personal finance |
a fee paid for borrowing money;money or fee that a bank pays to use money deposited by its customers | interest |
the current rate of interest that a bank pays its customers is... | 1 to 3% |
the largest financial investment that most people make in their lifetime is.... | a house |
the amount of money that you receive or earn during a specific period of time | income |
when you create a budget, the items that you have to spend money on are... | expenses |
a positive cash entry to your account | debit |
what is the advantage of having a savings account over a checking account | savings accounts usually earn s higher rate of interest thatn a checking account |
when is it a good time to borrow money | when interest rates are low;need to have a stable job so you can repay the loan;when a person wants to purchaser an expensive item;when a person has a good credit rating |
what si true about buying things with credit | credit is useful for buying very expensive things such as cars, homes, furniture, appliances |
what do stocks, bonds, mutual funds, and certificates of deposit have in common | they are all ways to invest extra money |