Personal Finance Recap

What is debt?

• Money you have borrowed and need to pay back

• Money you make from working at a job

• Money you make from the government

• Taxes that you pay when you buy something

money earned

• salary
• income
• purchase
• spend

the amount of money a person can earn by being self-employed or by doing a job for another person or business

• salary
• scarce
• interest
• lend

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

another person gives you money that you will then need to pay back

• borrow
• purchase
• scarce
• labor

paying for something with money that is borrowed and must be paid back, usually with interest

• credit
• income
• resources
• salary

the money paid by the borrower to the lender for the use of the lender's money

• interest
• savings plan
• scarce
• purchase

Tags

CCSS.5.NBT.A.2

a plan that helps you save money regularly, so you can reach you goals

• credit
• savings plan
• borrow
• credit

When you buy something you WANT, what should you consider before buying?

• where it will look best in my house

• will my friends like it as much as I do

• you might not have enough money for necessary spending (emergencies)

Planned expensese are expenses that you know about. Which are examples of planned expenses?

• groceries

• car insurance

• utility bill (gas, water, and electric bill)

• all of the above

Which of the following is an example of a "need"?

• video game

• shelter

• designer clothes

• iphone