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Personal Finance
Vocabulary
| Question | Answer |
|---|---|
| The amount of money you earn. This can come from a job or investments. It is limited. | INCOME |
| Money earned per hour in exchange for your physical or mental labor | WAGE |
| Fixed amount of money earned per day, month, or year in exchange for your physical or mental labor | SALARY |
| Giving money in order to receive a good or a service. | SPENDING |
| Things you must have to survive | NEEDS |
| Things you would like to have to raise your standard of living. | WANTS |
| A spending plan | BUDGET |
| Long term plan on how you are going to use your money (kind of like a long term budget) | PERSONAL MONEY MANAGEMENT PLAN |
| Fancy word for putting money somewhere in your budget | ALLOCATE |
| Money put away to be used later. | SAVINGS |
| Borrowing money and promising to pay it back later with interest added. Can be a loan or credit cards. | CREDIT |
| Fee paid for the use of borrowed money. | INTEREST |
| Allowing others to use your money in return for giving you interest. | INVESTING |
| Someone who takes on personal risk to start a business | ENTREPRENEUR |
| There is a yearly rate that determines how much interest you will pay for loans (called the interest rate). | INTEREST RATE |
Created by:
Ms. Hernandez
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