Personal Finance Vocabulary

Front

What is money one earns through employment?

Back

Income

Front

wage / salary

Back

Money paid by an employer to an employee for their labor / service.

Front

Commission

Back

Money paid to a person for a specific job, event, or product.

Front

How does the U.S. Government affect payment for work in the United States?

Back

The U.S. Government sets a minimum wage.

Front

What are bills you have to pay called in finance?

Back

Expenses

Front

Difference between Rent and Mortgage?

Back

You own it after finishing paying the agreed payments.

Front

What describes credit?

Back

Borrowing money that you have to pay back later.

Front

A _________ loans money to people

Back

lender, Lender

Front

True or False: if someone LOANS you money they expect you to repay it.

Back

True

Front

When a person has money leftover after paying all their bills, they have what type of assets? Options: Liquid, Debt, Credit, Savings

Back

Liquid