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BC Playing BC Ch 2
Playing Budget Challenge
| Term | Definition |
|---|---|
| Budget Challenge | personal finance game simulating the financial life of a working adult. |
| Trophies | 1,000 points |
| 401(k) | Retirement plan |
| Vendors | companies you owe money to |
| Budget | plan for how to manage your money |
| Cash Flow Budgeting Tool | allows you to project future cash needs |
| Direct Deposit | check is automatically deposited into your account |
| Grace Period | the extra amount of time you have after the due date to pay a bill without penalties |
| Monthly Credit Card Charges | $600 to $900 |
| Minimum payment | the least you should pay |
| Minimum payment credit card amount | $15.00 |
| Interest | money paid on unpaid balances |
| Credit Limit | the most you can spend on your credit card |
| Credit Limit amount on credit card | $1500 |
| Pending Checks | checks written but not yet cashed |
| Invoice | bill |
| Overdraft | occurs when you don't have enough money in your account |
| Savings Account | the overdraft account |
| e-check | the checks you send to pay invoices |