Budgeting
What is a Budget?
It is both a spending plan and a saving plan
Which is safer: keeping your money in a bank or in your sock drawer?
Keeping your money in a bank is safer
Define the term credit
Credit is a deferred payment or loan purchase.
True or False
Most individuals spend money on their wants and not their needs.
True
Most individuals Spend money on their wants and not their needs.
Give an example of one need and one want
Needs Examples: Shelter, Food, Water, Modest clothing
Wants Examples: Jewelry, expensive sneakers, eating out, vacations
True or False
You should always carry your Social Security Card with you in case of an emergency?
False
Is a debit card a form of credit?
No
A debit card is not a form of credit.
True or False
Impulse shopping can undermine saving goals.
True
Impulse shopping can undermine saving goals.
True or False
Budgets are inflexible, painful and no fun.
False
You should share your ATM PIN with:
A. Your Parents
B. Close Friends
C. Your Best friend
D. Nobody
D. Nobody
Yes or No
Is there a cost to using a credit card?
Yes
True or False
You need to budget your money more carefully when you have credit card debt to pay.
True
You need to budget your money more carefully when you have credit card debt to pay.
A budget keeps track of two basic things. What are they?
Income
Expenses
What should you do if you lose your ATM card?
A. Wait a day before contact bank
B. Ask your friends if they have seen it
C. Contact the bank immediately to deactivate the card
C. Contact the bank immediately to deactivate the card
What is a credit report?
A credit report is similar to a report card, it provides you with a grade based on how well or how poor one manages one's credit
Are student loans a good investment?
A. Yes
B. No
A. Yes student loans are a good investment.
Give two examples of an event or item that you may set a budget for.
Examples:
For school clothes, game systems, for gifts, for new sneakers, scooter, bicycle
True or False
If the bank gets robbed, you will still have access to the funds in your account.
True
Bank has FDIC insurance which protects your accounts.
Name two of the three major credit reporting bureaus.
Equifax, Transunion and Experian
Should loans be used to cover the costs of emergencies?
A. Yes
B. No
B. No m loans should NOT be used to cover the cost of emergencies.