What is 'good debt'?
7SS - 30a - Budgeting

Flashcard
•
Mathematics, Social Studies
•
6th - 8th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
'Good debt' refers to borrowing that is considered beneficial, such as student loans or mortgages, which can lead to future financial gain.
2.
FLASHCARD QUESTION
Front
What is 'bad debt'?
Back
'Bad debt' is borrowing that does not provide a return on investment, such as credit card debt used for non-essential purchases.
3.
FLASHCARD QUESTION
Front
What does it mean to be 'over budget'?
Back
Being 'over budget' means that your expenses exceed your income, leading to potential financial issues.
4.
FLASHCARD QUESTION
Front
What is a budget?
Back
A budget is a plan that outlines expected income and expenses over a specific period.
5.
FLASHCARD QUESTION
Front
What is income?
Back
Income is the money received, typically on a regular basis, for work or through investments.
6.
FLASHCARD QUESTION
Front
What is an expense?
Back
An expense is the money spent on goods and services.
7.
FLASHCARD QUESTION
Front
What is the difference between needs and wants?
Back
Needs are essential for survival (like food and shelter), while wants are non-essential items that enhance quality of life.
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