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