Basic Personal Finance Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The amount of money you earn. This can come from a job or investments. It is limited. | Income
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| Money earned per hour in exchange for your physical or mental labor | Wage
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| Fixed amount of money earned per day, month, or year in exchange for your physical or mental labor | Salary
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| Giving money in order to receive a good or a service | Spending
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| Things you must have to survive | Needs
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| Things you would like to have to raise your standard of living | Wants
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| A spending plan | Budget
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| Long term plan on how you are going to use your money (kind of like a long term budget) | Personal Money Management Plan
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| Fancy word for putting money somewhere in your budget | Allocation
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| Money put away to be used later | Savings
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| Borrowing money and promising to pay it back later with interest added. Can be a loan or credit cards | Credit
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| Fee paid for the use of borrowed money | Interest
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| A yearly rate that determines how much interest you will pay for loans | Interest Rate
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| Allowing others to use your money in return for giving you interest | Investing
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| Someone who takes on personal risk to start a business | Entrepreneur
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| The least amount that you are required to pay on a debt | Minimum Payment
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| A fee paid when you pay a bill after the due date | Late Fee
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Created by:
Shaver
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