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Personal Finance$

Review

QuestionAnswer
What are Personal Money Management Choices? the ways you choose to save or spend money
What is income? earning money, wages, interest, dividends, or profits from a business
How does education impact your expected income? the more education you receive, the higher your expected income
What are the benefits of having a monthly budget? it makes you increase financial awareness and manage funds more effectively
How do you balance your budget? you keep your expenses less than your income
When is it a good idea to borrow money (use credit)? to buy something you can't save up for
What is the amount charged to use borrowed money? interest
What is the minimum payment on your monthly credit card bill? the lowest amount you can pay per month
How can you avoid paying high finance charges on credit cards? pay off the bill in full each month
What types of credit should be paid off first? those with higher interest rates
Why is it important that you pay credit card bills and other loans on time? avoid a late fee penalty, maintain a high credit rating, get opportunities to use credit for future purposes
What is investing? using money to make more money
How is investing different from saving? they involve risks, have higher interest, require more time
What are the benefits of investing your money? help you make more income and have wealth
Created by: qwerty4572