Banking Basics
Budgeting
Loans
Credit
Money
100

Which type of bank account is best for everyday transactions?

Checking Account

100

Where should you look to find your current expenses when making a budget?

Bank and Credit Statements

100

What is the cost of borrowing money called?

Interest

100

What happens to your credit score when you make a late payment?

It goes down

100

Give 2 examples of:

WANTS

NEEDS


answers will vary

200

What does the bank charge you when you spend more money than is in your account?

Overdraft Fee

200

This is a type of expense that is different from month to month

Variable Expense

200

What is the name of a person, or institution, that charges very high interest rates for their loans?

Loan Shark

200

What does APR stand for?

Annual Percentage Rate

200
Covers medical expenses for illnesses and injuries.

Health Insurance

300

Which type of bank account offers interest?

Savings Account

300
In your budget, what prepares you for unexpected expenses? 

Emergency Fund

300

The length of time someone has to pay back a loan is called what?

Term

300

True or False: Having a great credit score will make it easier to get a home or car loan.

TRUE
300

The amount of money you must pay out of pocket before your insurance kicks in.

Deductible

400

What type of card accesses your checking account?

Debit Card

400

True or False: Charitable donations are not included in a budget 

FALSE

400

What is the term for interest that you earn on interest?

Compound Interest

400

Only paying the minimum balance on your credit card can lead to what?

Paying more interest

400

A request made to an insurance company for payment or coverage after an event occurs.

Claim

500

What does ATM stand for?

Automated Teller Machine

500

Auto Insurance is an example of a ____ expense when making a budget

Fixed

500

What is the term for the original amount of money you borrow on a loan?

Principal

500

What is not important to consider when selecting a credit card?

The look of the card

500

What must you have in order to drive LEGALLY?

Auto insurance AND a Driver's license.
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