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What type of account allows you to purchase big ticket items by borrowing money from a lender for a fee?
Loans
Which account allows you to pay for items using checks?
Checking Account
What type of account accrues a balance each month, that you are required to pay or will be charged with a fee
Credit Card
When can interest be a negative thing for you the consumer?
Credit Cards and/or Loans
When can interest be a positive/rewarding thing for you the consumer?
Savings or Investment Accounts
Name two examples of currency
Answers will vary
What does it mean when something has value?
It has worth, desirability or usefulness.
What type of expense is an order at Taco Bell?
Discretionary Expense
What type of expense is a new scooter?
Discretionary Expense
What type of expense is a PS5?
Discretionary Expense
What type of expense is the Water Bill
Flexible Expense
What type of expense is a Mortgage Payment/Rent
Fixed Expense
What type of expense is Car Insurance
Fixed Expense
What type of expense is the Grocery Bill
Flexible Expense
What type of expense is the Electric Bill
Flexible Expense
What type of expense is a Car Loan
Fixed Expense
What is a discretionary expense?
An expense that occurs only when you have money left over after your fixed and flexible expenses have been paid.
Discretionary Expenses occur...
Randomly
Flexible expenses occur...
Every Month
The amount spent on a flexible expense _______
Changes
The amount allotted to a fixed expenses _________
Stay the same
Fixed expenses occur....
Every Month
True or False- Earnings and income mean the same thing
True
What is an example of income?
Answers will vary
What are two examples of utliities?
Answers will vary
What are expenses?
Things you spend your money on
What is income?
Money you have coming in
What are the two components that make up a budget?
Income & Expenses
What is a budget?
A plan to spend and save money