Vocabulary
True or False
Personal Banking
Reading a Budget
Interest
100
Adding or putting money into an account.
Deposit
100
You should always spend more money than you have.
FALSE!
100
What are TWO parts of a check?
The address, the name, the account name, the account number, the memo line, the pay to order line, the money written out, the signature line.
100

Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?

$150.00

100

What is the formula to find budget?

Income - expenses

200
Taking money out of an account.
Withdrawal
200
Interest is always a good thing.
FALSE
200
Who should know your ATM PIN?
Only you should know your PIN.
200
David's expenses for each month are $40.00 for his phone, $20.00 for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?
$90.00
200

Joey lends you $1000 and you are paying him back with a 10% interest rate. How much will you pay back total?

$1100

300
A plan for how to save and spend money.
Budget
300
Fixed expenses include things like rent.
TRUE
300

What is a checking account?

Money kept for every day expenses.

300

Sharon's monthly income is $200.00. How much does she make in 4 months?

$800.00

300

Susie lends you $5,000 with a 50% interest rate. How much will you pay her back?

$7,500

400
Extra money that you either earn or owe.
Interest
400
The two parts of a budget are income and outcomes.
FALSE
400

Why is it important to make a budget?

A budget helps plan your spending.

400

Kristopher's income each month is $1999.00. His expenses are $550.00 each month. What are his savings each month?

$1449.00

400

The bank gives you a loan for $10,000 with a 40% interest rate. How much will you pay back total in all?

$14,000

500

An account you use that you pay later.

Credit

500

Variable Expenses change from month to month

TRUE

500

Why is it important to be careful when using credit cards? Explain your answer.

Teacher choice

500

Briana saves $20.00 each month to buy a computer. The computer costs $500.00. How many months will it take for her to save enough money?

25

500

Paula deposited $10,000 into a savings account. The interest rate was 5.5%. How much interest will she have in 15 years?

$8250.00

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