Personal Finance - Georgia Studies 8th Grade

Important choices that you make throughout your life including your money habits

• income

• career path

• personal financial management

• earning potential

The money you earn by working at a job of by making good investments, starting point of your personal financial management

• earning potential

• saving

• spending

• income

Knowing what kinds of jobs are available, what kinds of jobs interest you, and what kinds of jobs you're willing to work to have

• career path

• household budget

• personal financial management

• earning potential

how much income someone is likely to earn based on their education, skills and experience

• spending

• income

• saving

• earning potential

a plan for saving and spending including the expenses to maintain a household

• earning potential

• debt

• household budget

• personal financial management

money coming in

• income

• expenditures

• savings

money going out

• income

• savings

• expenditures

money set aside for later

• income

• expenditures

• savings

A budget works best when you...

• follow it.

• have a professional create it.

• check it over with your parents.

• change it incessantly.

Which two terms are examples of the "costs of debt" meaning why debt takes your money?

• Interest - money you pay back in addition to what you owe (for the privilege of borrowing)

• Retirement - you stop working because you have reached the appropriate age or can draw Social Security

• Repossession - the good you have purchased is siezed from you because you failed to pay for it

• Fees - costs in addition to interest, can be for late payments