Personal Finance 1

Which of the following BEST describes income?

• Money received from a parent to pay for ice cream at lunch.

• Money spent on a pair of new Nike Shoes.

• Money donated to a charity.

• Money received for completing your weekly chores.

Which of the following is a benefit of having a personal savings plan?

• Personal savings plans let people spend more time doing activities they enjoy.

• People who save money are able to spend more money in the future and pay for unexpected expenses.

• People who save money are able to spend a lot of money right now.

• Personal savings plans help people have an unbalanced budget.

money earned

• salary
• income
• purchase
• spend

to give money to someone else in exchange for something

• interest
• lend
• spend
• borrow

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

An account attached to a debit card

• Checking Account

• Savings Account

• CD Account

• LR Account

A bank account that earns interest and has no card attached.

• Checking Account

• Savings Account

• CD Account

• LR Account

A card used to make purchase on credit. “Buy now, pay later.”

• Checking Account

• Savings Account

• Credit Card

• LR Account

A set amount of income paid each month

• Income

• Salary

• Hourly Pay

• Deposit