Mastering Personal Finance Concepts

Front

budget

Back

A plan for how to spend and save your money

Front

What information can you find on a pay stub?

Back

Your net pay and deductions

Front

What is considered an expense in a personal budget? Options: Salary, Utilities bill, Deposit, Interest earned

Back

Utilities bill

Front

What is the main difference between a checking account and a savings account?

Back

Checking accounts are mainly for spending, savings accounts for saving

Front

If you want to avoid paying interest on a credit card, what should you do?

Back

Pay the full balance each month

Front

Which of the following is an example of income? Rent payment, Utility bill, Paycheck from a job, Grocery expense

Back

Paycheck from a job

Front

Principal (in finances)

Back

The original amount borrowed

Front

What type of transaction is it when you transfer money from your checking account to your savings account?

Back

Transfer

Front

You want to reduce your debt faster. Which strategy would be most effective?

Back

Pay more than the minimum payment each month

Front

What is a good first step to manage your debt effectively if you are struggling to pay your bills and have multiple debts?

Back

Make a list of all your debts and prioritize payments