#PF1.Q1 Banzai Jr Personal Finance Vocabulary #1

_________ is money you earn from work you do.

SYNONYMS

earnings, salary, pay, wage

• outcome

• income

• debit

Answer explanation

Unfortunately, Maddie's income as a professional napper couldn't buy her a new pillow.

Name an example of income

• Your allowance

• Birthday money

• Money you make from a job

• All of the above

_______________ are what you spend money on.

SYNONYMS

cost, expenditures, bills

• expenses

• credits

• savings

• money jars

Answer explanation

Keeping track of his expenses helped Mark realize he was spending way too much on his website, www.worldscutestllamas.com.

How much money is this in coins?

• 27 ¢

• 85 ¢

• 75 ¢

• 87 ¢

Tags

coins

Money borrowed from someone else with the expectation of paying it back.

SYNONYMS

credit, advance

• cash

• borrow

• loan

• jar

Answer explanation

Marcie loaned her BFF some cash. Marcie's BFF tried to repay the loan in gummy bears. Marcie now has a new BFF.

The amount owed on a loan.

SYNONYMS

bill, accounts, tab, arrears

• debt

• debit

• income

• expenses

Answer explanation

That debt you racked up betting your brother he couldn't eat five mustard packets wasn't the best financial decision you've ever made.

An important expense for your job.

SYNONYMS

business costs, bills, operating costs

• income

• credits

• business income

• business expense

Answer explanation

The lawnmower Colby bought is a business expense, but the Diet Thunder he guzzles every day is not.

What is the best way to pay for business expenses?

• Taking a loan from your parents

• Using your allowance money

• Using money made from your business

• Using supplies from your mom's pantry

_______________ is an amount charged for borrowing money, or, paid to you for lending it.

SYNONYMS

dividends, return

• interest

• debit

• debt

• income

Answer explanation

Racking up interest can sting worse than that time you stepped on a bee. So be careful (and don't step on bees).

By issuing a ____________ to your bank, you turn your cash over for safe-keeping.

SYNONYMS

payment, bank, store away

• withdrawal

• deposit

• expense

• income

Answer explanation

Gabby had been saving money in her piggy bank for so long that she tried to make her bank deposit in pennies.