Front

What is money that is set aside for future short or long term goals or emergencies called?

Back

Savings

Front

What happens if the federal government spends more money than it collects?

Back

Borrowing Money/Debt

Front

What saving strategy involves putting a fixed amount of money into a savings account immediately after receiving your paycheck?

Back

Pay Yourself First

Front

Which of the following is an optional deduction from your pay stub/check?

Back

Health Insurance

Front

What do you call a debt you owe for goods and services?

Back

Bills

Front

What is the term for the money you earn from working?

Back

Income

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are things you desire but can live without.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a certain period.

Front

What is discretionary spending?

Back

Money spent on non-essential items or services.

Front

What does it mean to 'pay yourself first'?

Back

Setting aside savings before spending on anything else.