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ramsey vocab word
what is a loan shark?
what is debt?
ramsey vocab word
17 terms
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1
what is debt?
taking money out of your bank account
someone owing you money
putting money in your bank account
money you owe to a person or business
2
what is a loan shark?
giving your friend money and not accepting to be paid back
a moneylender who charges extremely high rates of interest
3
what is net worth?
the value of all assets, minus the total of all liabilities
the price you pay to borrow money
getting lunch
4
Interest is the price you pay to borrow money or the return earned on savings and investments?
False
True
5
what is an asset?
something that is owned by many poeple
Anything that is owned by an individual
6
what is a consumer?
incoming of goods/services
outsource of goods and services
the trading of goods and services
a person who purches goods/services for personal use
7
what is financial literacy?
helps individuals to avoid making poor financial decisions
not understanding how to properly manage money
8
what is negative net worth?
more money in your checking account than your savings
if your liabilities are greater than your assests
9
what is personal finance?
your yearly income
your mothers income
monthly paycheck
term used to cover the managment of your money
10
what is positive net worth?
debt
dollar value of persons assets is greater than dollar value of liability
dollar value of persons assets is less than dollar value of liability
11
what is net income?
what a person earns after payroll taxes and other deductions are taken out
depositing money into your checking account
12
what does it mean to live paycheck to paycheck?
having money left over after bills and other responsibilities
fam or household spending most of their income, nothing for savings
being able to afford going out to dinner
13
what is a liability?
financial debts or obligations
lending money to your brother
14
what is an intrest rate?
the amount a lender charges a borrower
how much an item costs
your allowance money
your hourly wage
15
Financial planning is the process of assessing the current financial situation of a business?
False
True
16
what is an expense?
cost of goods or services, money paid out
amount of money you get paid for doing chores
17
what is credit?
the amount of money you spend weekly
the ability to borrow money in agreement to pay ot back later
how much money is in your checking account
how much money your mommy has
