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What is a budget?
A plan on how to spend and save money.
What is income?
Money you make from a job, chores, or gifts.
What are expenses?
Things you spend money on.
When you use a debit card, how soon will money be withdrawn from your checking account?
Immediately.
True or false. It is okay to write a check even if you do not have the money in the bank to cover it.
False.
To afford something, your income must be more than your:
Expenses
A paycheck, allowance, and gifts are all examples of what?
Income
Bills, necessities, and fees are all examples of what?
why do you need a PIN when using a debit card?
To keep your account safe.
What do checks and credit cards often come with?
Fees.
What can you do to decide which of your wants you can afford?
Prioritize.
What are goods?
Physical things you spend money on.
Which of the following are examples of necessities?
food, shelter, surfboard, trampoline, soap, toothbrush
Food, shelter, soap, and toothbrush
What is the difference between a checking account and a savings account?
A checking account is for everyday use while a savings account is for holding money for future use.
Which of the following things do you need to plan a budget?
Weather, income, bills, expenses, address, how much to save.
Income, bills, expenses, and how much to save.
Give an example of a good.
Any physical item. Examples: football, skateboard, book.
What is a service?
An experience you spend money on.
High interests rates are a disadvantage of:
Credit cards
If you forget to pay you credit card bill by the due date, you will be charged a:
Late fee
What are the three different payment methods?
Cash, checks, and debit/credit cards
Give an example of a service.
Any type of experience. Example: Waiter, coach, chef, haircut
A haircut, fitness trainer, and tutor are all examples of what?
Services
What is the difference between a debit and a credit card?
Debit cards use your money and credit cards use borrowed money.
If you do not have enough money in the bank, you will be charged a fee for having:
non-sufficient funds