Personal Finance Review

Match the following

• Money you earn

• Minimum Wage

• Borrowing money to buy a house

• Income

• The lowest amount a job can pay you

• Mortgage

• Your plan for spending and saving money

• Commission

• Money you make by selling something

• Budget

Match the following

• Money you spend on things

• Debt

• When you owe money

• Savings

• Money you put away for later

• Salary

• The yearly pay from your job

• Expenses

• Money you borrow to buy things

• Credit

Match the following

• Extra money you pay back when you borrow

• Credit Union

• Someone that lets you borrow money

• Interest

• Extra money you can spend on wants

• Lender

• A special bank with limited members

• Loan

• Money you borrow and have to pay back

• Disposable Income

What does income mean?

• Spending ALL the money you have

• ANY money that you earn

• Money you find on the floor

• ANY money you spend on things

When you are paid by the HOUR. If you work more hours you make more money!

• Wage
• Salary

• Commission

When you are paid a certain amount for the YEAR no matter how much you work

• Wage
• Salary

• Commission

When you are paid a percent for every time you SELL something.

• Wage
• Salary

• Commission

When you are paid a percent for every time you SELL something.

• I always get paid $50,000 per year

• Salary

• I sold 3 cars, so I made $3000 total

• Wage
• I was paid $5 for 5 hours, so I made $25

• Commission

Which is a plan for saving and spending?

• budget

• expenses

• loan

• mortgage

Which of these is an example of CREDIT?

• Saving $10 every week to buy a bicycle

• Selling lemonade to buy a bicycle

• Borrowing $10 from a friend that you have to pay back

• Getting $10 in a birthday card from your grandparents