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CE 13

CE.13 – PERSONAL FINANCE & FINANCIAL RESPONSIBILITY

QuestionAnswer
WHAT ARE THE THREE FORMS OF MONEY USED IN THE U.S.? Coins; Currency; Bank deposits accessible by check or debit card.
WHAT IS A CHECKING ACCOUNT? A bank account used for daily transactions.
WHAT IS A SAVINGS ACCOUNT? A bank account that earns interest and is used for saving money
WHAT IS INTEREST? The cost of borrowing money or the payment received for saving money.
WHAT IS A DEBIT CARD? A card used to withdraw money directly from a bank account.
WHAT IS DIRECT DEPOSIT? Electronic transfer of money into a bank account.
WHAT IS CREDIT? Borrowing money with the promise to repay later.
WHAT IS A LOAN? Money borrowed that must be repaid with interest.
WHAT IS A CREDIT SCORE? A number that represents a person’s creditworthiness.
WHY IS A GOOD CREDIT SCORE IMPORTANT? It allows individuals to borrow money at lower interest rates
WHAT HAPPENS IF DEBT IS NOT REPAID? Credit score decreases; legal consequences may occur.
WHAT IS INTEREST ON A LOAN? The cost paid to borrow money.
WHY IS INSURANCE IMPORTANT? It protects against financial loss.
WHAT IS RISK? The possibility of loss or harm.
WHAT ARE COMMON TYPES OF INSURANCE? Health; Auto; Home; Life.
WHAT IS A PREMIUM? The amount paid for insurance coverage.
WHAT IS A DEDUCTIBLE? The amount paid out-of-pocket before insurance coverage begins
WHAT IS A BUDGET? A plan for managing income and expenses.
WHY IS BUDGETING IMPORTANT? It helps control spending and prepare for future expenses
WHAT IS INCOME? Money earned from work or investments.
WHAT ARE FIXED EXPENSES? Costs that remain the same each month (rent, insurance).
WHAT ARE VARIABLE EXPENSES? Costs that change (food, entertainment).
WHAT DOES IT MEAN TO BE FISCALLY RESPONSIBLE? Making careful spending decisions, saving and investing, budgeting, and using credit wisely.
Created by: Lisa K Ball
 

 



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