Budgeting Basics
This budgeting method assigns every dollar of your income a specific purpose.
What is a zero-based budget?
What are some examples of fixed expenses for high school students?
This type of account allows you to easily access your money through a debit card or online banking.
What is a checking account?
This refers to things you must have to survive and live comfortably.
What are needs?
This line on a check specifies who should receive the money.
What is the Payee?
This popular rule allocates a certain percent of your income to needs.
What is the 50/30/20 rule?
What are some examples of variable expenses for high school students?
This type of account helps you save money and earn interest over time, but may have withdrawal limitations.
What is a savings account?
This refers to things you desire but aren't essential for survival.
What are wants?
This part of the check indicates the amount written out in words.
What is the Written Amount?
The 50/30/20 rule suggests spending 30% of your income on this.
What are wants?
How can high school students track their income and expenses?
This government agency insures deposits at most banks and credit unions up to a certain amount.
What is the FDIC (Federal Deposit Insurance Corporation)?
This type of cost typically stays the same each month, like rent or a phone bill.
What is a fixed expense?
This corner of the check displays the amount written numerically using cents.
What is the Amount Box?
This budgeting method uses physical objects to allocate cash for different spending categories.
What is the envelope system?
What are some benefits of setting financial goals for high school students?
This type of card allows you to access funds directly from your checking account for purchases.
What is a debit card?
This type of cost fluctuates depending on your choices and activities, such as entertainment or eating out.
What are variable expenses?
This personal mark on the check verifies the account holder's authorization.
What is the Signature?
In the envelope system, once the cash in an envelope runs out, you cannot spend more in that category until the next...
What is pay period?
Why is it important for high school students to learn about budgeting?
This physical document is used to instruct your bank to pay a specific amount of money to a specific person.
What is a check?
Making smart choices between needs and wants is an important part of this in personal finance.
What is budgeting?
Never do this to a check, as it renders it invalid.
What is Mutilating the check?