What is money owed called?
debt
Ann's parents have a lot of money invested in stocks, land, and houses. They also have a savings and checking account that they keep money in. What is the money in the savings and checking account called?
liquid income/liquid assets
Salary and wages are two different names for _____________.
income
Government assistance, retirement benefits, spousal support
Three types of income that do not involve working.
A _____________ is a formal request to produce or sell something. If you meet the request you will get a percentage of the money earned.
Commission
Why is sticking to a budget important?
It is easy to overspend when you do not have a budget.
The nature of the pay scale, the time of day or week worked, the difficulty of the job, and the number of hours worked influence a person's ________________.
salary wages income (any one of these is correct)
You have to pay ___________ in addition to what you borrowed when paying back credit cards and loans.
interest
Money that you make from working is called ____________.
income
Mortgage is another name for a ____________ loan.
Home
A typical job requires you to work ________ hours.
40
How can you avoid paying interst if you pay with ________________.
cash, check, or debit card
Who uses credit?
consumers, government, and businesses
What is interest?
Interest is a percentage money added to loans that lenders charge for borrowing money.
Money borrowed is called ________________.
credit
Name three sources of income that do not involve working.
Government assistance, retirement benefits, and spousal support
A salary is a ______________________________ paid for hours worked.
fixed amount of money
You can avoid paying interst if you pay with ________________.
cash, check, or debit card
Jack is going to buy a new truck. What will he probably do to pay for it? cash or a loan
He will most likely get a loan, unless he has been saving money for a long time.
Maggie was paid a 25% _________________ when she sold 100 magazines.
commission
If you only make the minimum payment due on a credit card, it will take you longer to pay it off. Why?
interest
A mortgage is a loan for a ____________.
house
Name three times that using credit is a good idea.
to start a business, to pay for education, when purchasing a home
Money that is easy to obtain and spend is called ______________.
liquid income
Alan and Tim both work at a shoe factory. Alan works nights and gets paid $18 and hour. Tim works the day shift and gets paid $15.00 an hour. Is this fair? Why or why not?
It is fair because Alan works nights. Night shift usually pays a little more.
Give three reasos why people should save money.
for financial emergencies, in order to have money to buy large items, to have money to purchase the goods and services.