Groceries and basic food

Designer shoes

Rent or mortgage for housing

Streaming service subscription

Electricity for the home

Dining out at a restaurant

Prescription medication

Upgraded gaming console

Public transportation fare to work

Vacation travel

Automatically save or invest a portion of income before spending on non-essentials, which builds savings and helps reach goals.

Pay off all entertainment expenses first to avoid stress from budgeting.

Spend money on wants before needs to increase happiness.

Delay paying bills until the end of the month to keep cash on hand.

Saving $200 for school supplies within two months

Buying a car in five years

Finishing a class project due next week

Building an emergency fund to cover three months of expenses over the next year

Planning for retirement in $$40$$ years

Saving for a down payment on a car over two years

Completing tonight’s homework

Accumulating funds to move apartments next month

Building an emergency fund to cover three months of expenses over the next year

Planning for retirement in $$35$$ – $$40$$ years

Saving for retirement over multiple decades

Buying groceries this week

Paying off a $$30$$ -year mortgage

Finishing a semester project due tomorrow

Planning a weekend trip

Creating and following a budget

Impulse buying without comparing prices

Tracking expenses regularly

Paying yourself first before discretionary spending

Only using credit for wants and skipping needs

Money received, typically on a regular basis, for work or through investments

Total amount paid before any deductions are taken out

Amount left after taxes and deductions

Extra money spent on entertainment

A fixed payment per year regardless of hours worked

Payment per unit of time or per piece for work performed, such as per hour

Money withheld from pay for taxes

The amount paid after deductions

The span of dates over which work is paid on a paycheck

The total amount earned to date

The date you were hired

The time when benefits start

A fixed annual amount of pay, typically not tied to hours worked

Pay per hour worked

Money withheld for retirement

Pay received only in cash tips

Pay before taxes and deductions

Pay after all taxes and deductions are subtracted

Only overtime pay

Vacation pay only

Total pay before taxes and deductions

Pay after deductions

Only base pay excluding overtime

Only bonuses

Salary is a fixed annual amount usually independent of hours; hourly wages pay per hour worked.

Salary pays per hour; hourly wages are fixed per year.

Salary is always higher than hourly pay; hourly is always lower.

Salary includes only overtime pay; hourly includes only bonuses.

Eligibility for overtime when working more than standard hours

Greater predictability of annual income regardless of hours

Pay increases automatically each year without performance

Ability to be paid only once a year

Income can vary when hours are reduced

No possibility of overtime pay

Guaranteed pay even if you miss work

Must track hours for each pay period

Stable, predictable pay each pay period

Often includes benefits such as paid leave

Guaranteed overtime pay for all extra hours

Pay varies strictly with hours worked

Less or no overtime pay for extra hours

Fixed pay even when workload increases

Income varies greatly with hours worked

Must clock in for each hour worked

Money added to your pay for good performance

Amount subtracted from gross pay for taxes, benefits, or other withholdings

Only voluntary retirement contributions

Fees charged by your bank after deposit

Federal income tax withholding

Social Security (OASDI) and Medicare taxes

Health insurance premiums

Movie ticket purchases

Retirement plan contributions

40.00 hours

87.60 hours

75.25 hours

60.00 hours

01/18/2011 to 02/01/2011

02/04/2011 to 02/18/2011

01/01/2011 to 01/15/2011

12/15/2010 to 12/31/2010

Weekly

Biweekly (every two weeks)

Monthly

Quarterly

$$150.00$$ current; $$900.00$$ YTD

$$281.54$$ current; $$1126.15$$ YTD

$$87.69$$ current; $$350.77$$ YTD

$$96.92$$ current; $$387.69$$ YTD

Fund public goods and services like schools and roads

Redistribute income and support social programs

Punish citizens for spending money

Stabilize the economy through fiscal policy

A tax on the purchase of goods and services at the point of sale

A tax assessed on the value of real estate property, usually by local governments

A tax charged on income earned by individuals

A tariff on imported goods

A tax on goods and services collected at the point of sale

A tax on property value

A tax on inheritances only

A tax on investment gains exclusively

A tax paid on the transfer of wealth from a deceased person to heirs or on the estate itself

A tax on wages paid to employees

A tax on retail purchases

A tax on property use only

A tax on specific goods or activities such as gasoline, tobacco, or airline tickets

A tax on total income earned

A tax on real estate value

A tariff on foreign imports only

Taxes on imported goods intended to regulate trade or protect domestic industries

Taxes on wages and salaries

Taxes on property transfers

Fees for public services like parks

Payroll taxes that fund retirement, disability, and health insurance programs for eligible individuals

Sales taxes collected by local stores

Property taxes paid annually

Tariffs on international goods

A tax on individual or household earnings from wages, salaries, and other income

A tax only on property sales

A tax only on imported goods

A fee charged for using public parks

People should pay taxes according to the benefits they receive from public services

People should pay taxes based solely on their ability to earn income

Everyone pays the same dollar amount in taxes

Only users of parks pay any taxes

Taxes should be based on an individual’s capacity to pay, with higher-income people paying more

Taxes should be equal for all regardless of income

Taxes should be voluntary

Only businesses should pay taxes

To report income and reconcile tax liability with withholdings; it occurs annually in spring, with a deadline around mid-April

To request a new job; it occurs every month

To pay property tax only; it occurs in December

To renew a driver’s license; it occurs in the summer

A record of past purchases only, used for tax filing once a year

A plan for expected income and expenses that helps you control spending and reach financial goals

A bank account that automatically pays all your bills without your input

A list of debts that shows how much interest you owe each month

Rent or mortgage, utilities, groceries, transportation

Vacation, concert tickets, gifts, lottery tickets

Stock investments, collectible trading cards, charity donations, luxury clothing

ATM fees, bank interest earned, cash tips, birthday money

Limited access to funds and no payment tools

Direct deposit, debit card and online bill pay for everyday transactions

Guaranteed high interest and penalties for withdrawals

Only usable for long‑term saving and locked for several years

Checking is for daily spending; savings is for storing money and earning interest

Savings is for paying monthly bills; checking is for long‑term emergency funds

Both are designed only for cash withdrawals at ATMs

Neither account can be linked to electronic payments or transfers

Savings accounts typically earn interest and help you separate funds from daily spending

Checking accounts always earn higher interest than savings

Savings accounts prevent all withdrawals for ten years

Checking accounts charge interest on deposits

A loan with equal payments over a fixed schedule

A legal process where individuals or businesses declare inability to repay debts

A temporary reduction of a loan’s interest rate

A fee charged for using a credit card each month

Credit that can be borrowed, repaid, and borrowed again up to a limit

A loan for a specific amount that is repaid over a fixed period with scheduled payments

A loan secured by home equity with a variable credit line

Money borrowed from peers with no interest

A single lump‑sum loan repaid in installments

A credit line that lets you borrow up to a limit, repay, and borrow again

A loan that must be repaid within one week

An interest‑free government grant

A person who manages checking accounts

A professional or institution that originates or arranges home loans

A government official who sets tax rates

A vendor who sells home insurance

Borrowing directly from a bank’s branch

Crowdfunded donations that never need repayment

Loans arranged between individuals on online platforms rather than traditional banks

A federal student loan program

A person who guarantees payment with you and is equally responsible for the debt

A loan officer who approves applications

A credit reporting agency

A landlord who collects rent

Annual Percentage Rate, the yearly cost of borrowing including interest and certain fees

Amount Paid Regularly, the monthly loan payment

Adjusted Principal Ratio, the loan‑to‑value calculation

Average Payment Range, the typical bill size

A loan used to purchase real estate secured by the property

A credit card used for home improvements only

A bank account that earns interest

A lease agreement for renting an apartment

Home Equity Line of Credit, a revolving credit line secured by your home’s equity

A fixed‑rate, fixed‑term student loan

A type of mortgage insurance

A savings account for home repairs

A prepaid card that uses only your deposited funds

A revolving line of credit allowing purchases and cash advances up to a limit

A debit card linked to a checking account only

A card used exclusively for ATM withdrawals

The time after a billing cycle when you can pay in full without incurring interest

A penalty period when your interest rate increases

The years after graduation before repaying student loans begins

A cooling‑off period before signing a lease

Someone who checks your credit card statement monthly for errors

A joint applicant who promises to repay if you cannot, used when you have limited or poor credit history

A bank employee who waives all fees on your loan

A person who sets your loan’s interest rate

Fixed rates change with the market; variable rates never change

Fixed rates stay the same over the loan term; variable rates can increase or decrease with market conditions

Both fixed and variable rates are always tied to the prime rate

Variable rates are always lower than fixed rates

To ensure purchases posted correctly, spot fees or fraud, and confirm due dates

Because statements determine your income tax bracket each month

To increase your credit limit automatically

To avoid earning interest on savings

On‑time payments improve payment history and help your credit score; late payments hurt your score

Credit card payments do not affect credit scores

Only the total balance matters, not payment timing

Paying early always lowers your score

Capacity, Capital, Collateral, Conditions, Character

Cash, Credit, Collateral, Contracts, Character

Capacity, Capital, Coupons, Conditions, Creditworthiness

Capital, Career, Collateral, Conditions, Cash

Payment history

Amounts owed/credit utilization

Length of credit history

New credit/inquiries

Credit mix (types of credit)

Good: 580–669; Better: 670–739; Best: 740–799

Good: 670–739; Better: 740–799; Best: 800–850

Good: 600–650; Better: 651–700; Best: 701–750

Good: 700–799; Better: 800–850; Best: 851–900

The interest rate and terms you receive on loans and credit cards

Likelihood of approval for housing or credit applications

Car insurance premiums in many states

Your income tax bracket