Bank Accounts Expenses Credit & Loans Income & Taxes Miscellaneous
100
What is a checking account?
The bank account used to pay your bills.
100
What is a budget?
A tool can you use to manage your monthly expenses.
100
What is a credit score?
The score that tells how likely someone is to pay back a loan.
100
What is net pay?
The amount you take home in pay after taxes and other deductions are removed.
100
What is a debit card?
This can be used to take money out of your account at a store or ATM.
200
What is a statement savings account?
The type of account that allows you to set aside money and you receive monthly statements.
200
What are fixed expenses?
Costs that stay the same every month.
200
What is a mortgage?
The type of loan used to purchase a house.
200
What is gross pay?
The total amount of pay you make.
200
What is the grace period?
The time when you can make deposits or withdrawals from a Certificate of Deposit without paying a penalty.
300
What is a passbook savings account?
The type of account you can only withdraw money from when you bring the book to the bank.
300
What are variable expenses?
Costs that change every month.
300
What is term?
The length of time it takes to repay a loan.
300
What is excise tax?
The tax you pay on your car.
300
What is an overdraft?
When a check is written and cashed for an amount that is more than the balance in the checking account, causing the account to be negative.
400
What is a certificate of deposit?
A savings account you are not allowed to make withdrawals from until it's in the grace period.
400
What is a variable expense?
A credit card bill is this kind of expense.
400
What are W-2s?
The statements that show your yearly income.
400
What is health insurance?
This is taken out of your paycheck to pay for your current health care.
400
What is inflation?
When the value of a dollar decreases, and prices go up.
500
What is an individual retirement account?
The type of account that you cannot withdraw from until you are 59 1/2 years old. (Hint: you use this money when you don't work anymore.)
500
What is a fixed expense?
Rent is this kind of expense.
500
What is an unsecured loan?
The type of loan is not held against funds or property. (Hint: There is nothing to secure the loan.)
500
What is medicare?
This is taken out of your paycheck to go towards health care in retirement.
500
What is a 401K savings?
A specific type of retirement account offered by many employers.






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