Personal Finance Vocab Review

Front

What is a budget?

Back

A plan for how money will be used.

Front

Income definition

Back

The money you take in

Front

Variable expense?

Back

Costs different amounts monthly.

Front

Interest is money paid regularly by the bank on the account.

Back

Money paid regularly by the bank on the account.

Front

Best example of a want:

Back

Ice cream

Front

Best example of a need?

Back

Rent in a safe neighborhood

Front

Jack needs a new phone but requires a textbook. What should he do?

Back

Buy the textbook and save for the phone.

Front

What is debt?

Back

Money borrowed that needs repayment.

Front

What is insurance?

Back

A service to protect assets and income from financial loss.

Front

Contract between insurer and insured stating terms:

Back

policy