Banks and Accounts
A financial institution where you can save your money and apply for loans
What is a bank?
A thing that is borrowed, especially a sum of money that is expected to be paid back with a fee
A Loan
A spending and earning plan
What is a budget?
The money you receive from your job
What is a salary?
A card that a bank gives you that is connected to your checking account, you can use it for every day purchases and to get cash
What is a debit card?
The money/fee charged for borrowing money.
What is interest?
These type of expenses include food, shelter, clothing, transportation
What are needs?
A safety net that protects you from unexpected accidents or problems in exchange for a payment.
What is insurance?
A type of bank account you use that give you interest for keeping your money in the account. Not easy to withdraw money from it.
What is a savings account?
One good reason to have credit
For emergencies, to cover large purchases, to establish credit history
These type of expenses include new shoes, going out with friends, video games
What is a want?
An amount of money that a government requires people to pay according to their income
What are taxes?
What is one thing you need to open a bank account?
Proof of identification, proof of address, deposit, Social Security number or ITIN
This number from 300-850 is used by lenders to see how responsible you are with your credit
What is a credit score?
This may include your paycheck, child support, alimony, or other money you get.
What is income?
What is the first rule of savings and investing?
Pay yourself first.
What is one good reason to have an account at the bank?
Keep your money safe, establish financial history, earn interest on savings
This is a report you can get once a year to check your financial history
What is a credit report?
The term used to describe the things you spend your money on.
What are expenses?
Johnny really wants the new Playstation 5, which costs 800.00. Johnny has $20.00 in his bank account. However, he just received a credit card with a $2,500 limit. Should Johnny use his credit card to buy a PlayStation? Why or why not?
NO! Johnny should not use his credit card because he does not have enough money in his checking account. A person should never borrow money if they do not have the same amount in their checking account.