Banking & Finance Vocab Test

Front

What is a budget?

Back

Listing out expenses and income to understand spending limits.

Front

Paying myself first means:

Back

Automatically putting money away for savings.

Front

Short term savings goal duration?

Back

Less than 2 months.

Front

Medium-term savings goal duration?

Back

2 months to 3 years

Front

Long-Term savings goal duration?

Back

Anything longer than 3 years

Front

Unbanked means choosing not to have a checking/savings account.

Back

Choosing not to have a checking/savings account.

Front

Underbanked: having a savings/checking account but not using it.

Back

It means that you have a savings/checking account but you do not use it.

Front

Difference between debit and credit cards?

Back

Debit card uses your money; credit card uses bank's money.

Front

Save $35,600 in 4 years. Monthly savings needed?

Back

$741

Front

What is a need?

Back

Things needed to survive.