Future Smart

Question 1

associate’s degree

Answer 1

a two year degree that is training for a specific career or skill

Question 2

bachelor’s degree

Answer 2

four years of full time study; Bachelor of Science or Bachelor of Arts

Question 3

Master’s Degree

Answer 3

a two-year program that is completed after a bachelor’s degree

Question 4

a type of degree that is highly specialized in regards to a specific profession and typically takes three to five years to earn after completing your bachelor’s degree

Answer 4

Doctoral Degree

Question 5

a type of bank account in which interest is not usually applied to the principal, but offers a safe place to store your money and allows you to make withdrawals using an ATM card, debit card or personal check.

Answer 5

Checking account

Question 6

a type of savings vehicle in which interest is earned on the deposit amount (principal). This type of account usually require a minimum balance, offer lower interest rates, and have restrictions on the number of withdrawals allowed within a given time period.

Answer 6

Savings account

Question 7

a payment type that does not automatically draw money from your checking account. It provides a short-term loan from the credit card company. At the end of each purchase period (usually a month), you receive a bill with all of your charges. You will have the option to pay off your balance (the amount you owe) or pay the minimum payment. If you do not pay your entire balance, you start to pay interest on the money you owe.

Answer 7

credit card

Question 8

a payment type that allows you to make purchases using money directly from your checking account

Answer 8

debit card

Question 9

when money is added into a bank account, also know as a ‘credit’

Answer 9

deposit

Question 10

the money you’re spending. This includes everything you buy, such as food, concert tickets, or even a pack of gum.

Answer 10

expenses

Question 11

a plan for spending or saving money that is made up of income and expenses

Answer 11

budget

Question 12

an expense that occurs regularly. This amount typically does not change from month-to-month.

Answer 12

fixed expense

Question 13

spending that is based on the purchase decisions you make. These can vary from month to month.

Answer 13

variable expense

Question 14

money you earn, like money you may get from your birthday or allowance from you parents

Answer 14

Income

Question 15

positive earnings, when you have earned more in revenue than you spent on expenses

Answer 15

profit

Question 16

the amount of money a business makes within a specific time period, typically a month

Answer 16

revenue

Question 17

a fixed payment, usually paid on a weekly or bi-weekly basis that does not vary depending on how little or how much you work

Answer 17

salary

Question 18

amount paid based on a certain time period. You can earn a certain wage per hour, day or week.

Answer 18

wage