Money Totals
Making Change
Budgeting
Credit Cards
Checks and Debit Cards
100
Andrew has a $20 bill, a $5 bill, and three $1 bills. How much $$ does she have?
$28.00
100
You have a $5 bill. You buy a coke for $1.25. What will your change be?
$3.75
100
What is a budget?
The process of planning ahead with your money so that you will be able to cover all of your expenses.
100
When you use a credit card you are borrowing money from who?
The bank.
100
What is a debit card? Why do people use debit cards?
A Debit card is linked to your checking account. When you use it, you are using your own money. You can't use it if you do not have money in your account. People use debit cards because they are easier to keep track of than cash.
200
John saved $50 dollars. He made $22.50 selling old clothes at a garage sale. He also got $15 from his grandma for his birthday. How much money does he have in all?
$87.50
200
You have a $10 bill. You buy a shirt for $7.44. What will your change be?
$2.56
200
Budgets usually include two kinds of expenses. They are...
Fixed expenses and variable expenses
200
How do you pay a credit card bill? How much do you have to pay?
A monthly bill will come to your house. You can pay it by sending a check in the mail or paying online with your account number. You can either pay it in full or you will have a minimum payment.
200
What is a check and why do people use them?
Checks are linked to your checking account just like a debit card. If you write a check for $20, then $20 will be deducted from your account. People use checks because they are safer than carrying cash. Also, you can post date a check for a later date if you do not have the money in your account but will soon (Like if you get payed in 2 days you can date the check for your pay day and the money will not come out until then.)
300
How much money would you have if you got 10 $20 bills?
$200
300
You have $50. You buy shoes for $43.58. What will your change be?
$6.42
300
What is a fixed expense? Definition and Example...
Expenses that remain the same each month. An example would be rent.
300
What is interest?
Interest is a charge that is added to your credit card balance each month. It is usually between %10 and %20 of the total balance. If you pay your credit cards off in full each month you can avoid the interest charge.
300
Do you get charged interest fees for using a debit card?
No. There are no interest charges because you are not borrowing money. You are using your own money.
400
How much money would you have if you made $8 an hour and worked a 4 hour shift?
$32.00
400
You have $100. You bought dinner for yourself and 4 friends. The total is $79.80. How much change will you get back?
$20.20
400
What is a variable expense? Definition and example...
A variable expense changes from month to month. An example would be your electric bill. Most people's electric bills go up in the hot summer months.
400
Why are credit cards both a good thing and a bad thing?
They are good to have in case you need to buy something that you can't afford all at once. They are bad, because if you do this to often you will end up owing a lot of money which can take years and years to pay back. With interest charges added each month, you will end up paying more for the items than they cost to begin with.
400
How do you get a debit card?
When you set up a checking account with a bank, you will be given a debit card linked to that account.
500
For your birthday you got lots of money. You got $75 from your parents, $25 from your brother, $50 from your grandparents, and $100 from your friends. How much did you get total?
$250
500
You have $600. You bought a bike for $498.99. How much will your change be?
$101.01
500
Why is it important to budget your money? Why is it important to save a little every month?
So you can keep track of your expenses, know exactly where your hard earned money is going, allow for extra money each month to go into savings. Also, it allows your to see which areas you can cut back on to save more money if you need to. You need to save so that you have extra cash in case of an emergency. If your air conditioner breaks in the middle of the summer you will need to replace it right away. If have saved it will not be a problem.
500
How do you get a credit card?
You have to have a checking account first. Then, you can apply through your bank for a credit card. They will check to make sure you are at least 18 years old and that you have a job. If you get approved you will fill out the information and soon recieve your credit card. You will be given a credit limit. You will not be able to charge more than that amount.
500
What happend if you write a check and you do not have enough money in your account to cover it?
The check will "bounce". You will still owe the amount you wrote the check for plus an additional fee charged by the bank. This fee is usually $30. If you bounce too many checks you will no longer be allowed to write checks.
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