Budgets and Personal Financial Literacy Vocabulary

Question 1

What is a financial tool to make purchases now and pay later?

Accepted Answer

Credit

Question 2

What is the fee charged by a bank for borrowing money?

Accepted Answer

Interest

Question 3

What is money you spend on daily needs?

Accepted Answer

Expenses

Question 4

What is money you owe to someone or a company?

Accepted Answer

Debt

Question 5

What do you call the process of tracking your spending?

Accepted Answer

Expense Tracking

Question 6

What is the total amount of money flowing in and out of an account?

Accepted Answer

Cash Flow

Question 7

What do you call regular payments for things like rent?

Accepted Answer

Fixed Costs

Question 8

What is the amount you can spend without going over your limit?

Accepted Answer

Spending Limit

Question 9

What is the amount you owe to a lender called?

Accepted Answer

Debt

Question 10

What is money you put aside for future use?

Accepted Answer

Savings

Question 11

What is a plan for how to manage your money?

Accepted Answer

Budget

Question 12

What is money earned by investing in something?

Accepted Answer

Investment

Question 13

What term refers to things that cost the same amount each month?

Accepted Answer

Fixed Costs

Question 14

What is the amount of money you earn called?

Accepted Answer

Income

Question 15

What is money received from work or investments?

Accepted Answer

Income

Question 16

What do you call unexpected expenses for emergencies?

Accepted Answer

Emergency Fund

Question 17

What is the amount of money owed on credit cards?

Accepted Answer

Interest

Question 18

What is a set amount of money you borrow and must repay?

Accepted Answer

Loan

Question 19

What is the total value of your assets minus debts?

Accepted Answer

Net Worth

Question 20

What do you call the total value of everything you own?

Accepted Answer

Assets

Questions 20