{
 "source": "https://peabody.kids/flashcards/finance-money-basics",
 "id": "finance-money-basics",
 "title": "Money and Budgeting Basics",
 "category": "health-life",
 "subject": "Personal Finance",
 "levels": [
  "3-5",
  "6-8",
  "9-12",
  "adult"
 ],
 "description": "Earning, saving, spending, budgeting and everyday money words.",
 "tags": [
  "money",
  "budget",
  "saving",
  "personal finance"
 ],
 "frontLabel": "Term",
 "backLabel": "Meaning",
 "cards": [
  [
   "Income",
   "Money you earn or receive"
  ],
  [
   "Expense",
   "Money you spend"
  ],
  [
   "Budget",
   "A plan for how to spend and save money"
  ],
  [
   "Needs",
   "Things you must have, like food, shelter and clothing"
  ],
  [
   "Wants",
   "Things you would like but can live without"
  ],
  [
   "Saving",
   "Setting money aside for later"
  ],
  [
   "Spending",
   "Using money to buy things"
  ],
  [
   "Earning",
   "Getting money for work"
  ],
  [
   "Allowance",
   "Money children receive regularly from a family"
  ],
  [
   "Wage",
   "Money paid for work, often by the hour"
  ],
  [
   "Salary",
   "A fixed yearly payment for a job"
  ],
  [
   "Tip",
   "Extra money given to thank someone for service"
  ],
  [
   "Gross pay",
   "Pay before taxes are taken out"
  ],
  [
   "Net pay (take-home pay)",
   "Pay after taxes and deductions"
  ],
  [
   "Tax",
   "Money people pay to the government for public services"
  ],
  [
   "Income tax",
   "Tax on money you earn"
  ],
  [
   "Sales tax",
   "Tax added to things you buy"
  ],
  [
   "Deduction",
   "An amount subtracted from pay"
  ],
  [
   "Bank",
   "A business that holds and lends money"
  ],
  [
   "Credit union",
   "A not-for-profit financial cooperative owned by members"
  ],
  [
   "Savings account",
   "An account that holds money and pays interest"
  ],
  [
   "Checking account",
   "An account for everyday spending with checks or a debit card"
  ],
  [
   "Deposit",
   "Money put into an account"
  ],
  [
   "Withdrawal",
   "Money taken out of an account"
  ],
  [
   "Balance",
   "The amount of money in an account"
  ],
  [
   "Debit card",
   "A card that takes money directly from your bank account"
  ],
  [
   "ATM",
   "Machine to withdraw cash or make deposits"
  ],
  [
   "PIN",
   "Personal identification number, a secret code for a card"
  ],
  [
   "Cash",
   "Coins and paper money"
  ],
  [
   "Check",
   "A written order for the bank to pay money"
  ],
  [
   "Interest",
   "Money paid for using money, earned on savings or paid on loans"
  ],
  [
   "Compound interest",
   "Interest earned on both the money and past interest"
  ],
  [
   "Simple interest",
   "Interest calculated only on the original amount"
  ],
  [
   "Principal",
   "The original amount of money borrowed or invested"
  ],
  [
   "Goal setting",
   "Deciding what you want to save for"
  ],
  [
   "Short-term goal",
   "A goal you can reach soon"
  ],
  [
   "Long-term goal",
   "A goal that takes many years"
  ],
  [
   "Emergency fund",
   "Money saved for unexpected costs"
  ],
  [
   "Pay yourself first",
   "Saving some money before spending the rest"
  ],
  [
   "Save, spend, share",
   "Three jobs for money: keep some, use some, give some"
  ],
  [
   "Donation",
   "Money or goods given to help others"
  ],
  [
   "Charity",
   "An organization that helps people in need"
  ],
  [
   "Opportunity cost",
   "What you give up when you choose one thing over another"
  ],
  [
   "Trade-off",
   "Giving up one thing to get another"
  ],
  [
   "Price",
   "The amount of money a good or service costs"
  ],
  [
   "Value",
   "What something is worth to you"
  ],
  [
   "Unit price",
   "The price per single unit, like per ounce"
  ],
  [
   "Comparison shopping",
   "Checking prices at several places before buying"
  ],
  [
   "Coupon",
   "A voucher for a discount"
  ],
  [
   "Sale",
   "A time when items are priced lower"
  ],
  [
   "Impulse buying",
   "Buying without planning"
  ],
  [
   "Advertising",
   "Messages that try to persuade you to buy"
  ],
  [
   "Profit",
   "Money left after costs are subtracted from earnings"
  ],
  [
   "Entrepreneur",
   "A person who starts a business"
  ],
  [
   "Supply",
   "How much of something is available"
  ],
  [
   "Demand",
   "How much people want something"
  ],
  [
   "Inflation",
   "A general rise in prices over time"
  ],
  [
   "Investing",
   "Putting money into something hoping it grows"
  ],
  [
   "Stock",
   "A small share of ownership in a company"
  ],
  [
   "Bond",
   "A loan to a company or government that pays interest"
  ],
  [
   "Mutual fund",
   "A mix of many investments pooled together"
  ],
  [
   "Diversification",
   "Spreading money across different investments to lower risk"
  ],
  [
   "Retirement",
   "The time of life after stopping regular work"
  ],
  [
   "Net worth",
   "What you own minus what you owe"
  ],
  [
   "Asset",
   "Something valuable that you own"
  ],
  [
   "Liability",
   "Something you owe"
  ],
  [
   "50/30/20 rule",
   "About 50% needs, 30% wants, 20% savings"
  ]
 ]
}