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Personal Finance

Finance

QuestionAnswer
What is a mortgage? a house payment
What are non essential expenses? things you may want, but you don't need to survive (entertainment, luxury items)
What are essential expenses? things you have to have to survive (housing, food, transportation)
What are three reasons why a person might set money aside in a savings account? for future planned expenses, (like college, house, or car) , for emergencies (like medical bills or unexpected) repairs, and to avoid going into debt
How can you avoid paying interest on a credit card bill? pay the full amount due each MONTH
What sources of money can make up someone's income? salary, investments, and other sources of income such as a gift
If someone works for commission, what does that mean? They earn a percentage of the sale
What term refers to money that is borrowed? credit
How do lenders make money when people use lines of credit? They charge interest which means the borrower will pay more back to the lender than what they originally borrowed
What is a budget? a plan for managing one's income, expenses, and savings
What is a salary or wage? Money earned from working
Name two ways people can borrow money for items they cannot afford at the time a loan or a credit card
What is a loan? money borrowed from a bank for a big purchase
What can happen if a person does not pay off credit card debt quickly? The interest rate will cause the amount owed to increase, and a person might find themselves in a lot of debt
What is bankruptcy? It is when a person cannot pay off his/her debt
Created by: mgilmour
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