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Personal Finance

Personal Money Management/Budget

QuestionAnswer
What is money that comes in, usually through working? income
Things that we want but don't need are called what? luxary
A plan for how money will be spent is a? budget
expenses that are required for living essential expense
expenses that you spend extra money on non-essential expense
expenses that vary each month variable expenses
expenses that are the same each month fixed expenses
Money set aside over time savings
A charge a bank pays you for using your money, or that a bank or company charges you for using their money interest
earning interest on interest compund interest
spending money in hopes of earning more money in the future investing
the possibility of losing money while investing risk
money that you borrow from a bank or company, or the ability to borrow money credit
a card that used for purchases in which the money comes directly from your checking account debit card
a card that allows you to purchase to a line of credit for which you are billed later credit card
What are the ways people can get income? working, investing, gifts, or selling things.
Why is a budget a good thing to use? It helps you to plan ahead and lets you know where your money is going.
What is the goal of saving money? The goal is to save money. This can be done to make an expensive future purchase or for retirement.
What is the long-term savings goal for most Americans? retirement
What is the best way to save money? Why? The best way to save money is in a bank because you can earn interest on your money.
What is the biggest investment most people make? For most people the biggest investment they make is a home.
What are stocks? small investments in large companies
What are bonds? money loaned to governments.
Why should you only borrow money that is absolutely necessary? You will have to pay back interest, so you usually have to pay back more than you owe.
What are some types of credit? credit cards, home loans, student loans
What is the key to personal finance? Having more money coming in than going out.
Created by: dedington1
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