Personal Finance terms used in 7th grade Georgia schools
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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| bills or costs we pay every month based upon our level of use or need | variable expenses
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| something spent, or required to be spent | expenses
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| a list of all of your expenses and income | budget
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| Bills such as house payments that expenses that are necessary, not a choice | fixed expenses
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| Money that is owed and it accumulates when expenses are higher than the income | savings
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| Expenses for non-essential items that we could live without, a choice | discretionary expenses
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| things you do and sometimes the positive influences in your life to help reach your goals | assets
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| Money earned | income
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| obstacles that discourage you or hold you back from meeting your goals | liabilites
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| occurs when the money that you have is greater than the expenses for an individual | debt
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| to take money out of an account | withdraw
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| to put money into an account | deposit
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| when a deposit is made it shows up as this on your statement | credit (in an account)
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| when a withdrawal is made it shows up as this on your statement | debit
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| a monthly payment to pay back money borrowed on your house loan | mortgage
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| payments for protection of a person/family against theft, harm, illness, death, fire, etc | insurance
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| itemized list of a customer’s account information | statement
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| a charge for borrowing money or this can be a percentage earned from an account | interest
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| buying something to be paid for later | credit
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| court proceeding for a person who is unable to pay debts to settle with those owed money | bankruptcy
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| an agreement between a lender and a borrower for a specific amount | loan
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| bank account that allows money to be easily deposited and withdrawn | checking account
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Created by:
rebecca s
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