Vocab
Income
money received, especially on a regular basis, for work or through investments.
What are 3 things that you regularly have to buy when living on your own?
food, soap, house cleaning supplies, paying bills, etc...
Sometimes in life, we have unexpected expenses (things that we have to pay for that we weren't planning for). What are 3 examples of unexpected expenses?
hospital bill, car accident, broken household appliance, last-minute need to travel, etc..
Name a local bank.
Fifth Third, Bank of American, PNC, etc...
You walk into 5 Below with a coupon for "$2 off a purchase of $10 or more." You buy a rug for $4, a pen for $1 and a phone charger for $3. Can you use your coupon?
No
Budget
provide (a sum of money) for a particular purpose from a budget. Planning your spending.
Many teens and young adults carry a credit card but not cash. What are two reasons that you should carry cash on you?
pay for parking, vending machine, paying someone back, tipping, etc..
You earn $350 this week. You spend $50 on groceries, $40 on gas, $15 to go out to eat, $30 on a manicure, and $25 to pay your friend back. How much money can you put into savings?
$190
What is it called when you put money into a bank account?
Deposit
You go shopping and buy a shirt and sunglasses. The shirt is $22 but marked half off. The sunglasses are $16 but marked half off. What is your total cost?
$19
22/2 = 11
16/2 = 8
11 + 8 = 19
Insurance
a thing providing protection against a possible eventuality.
What are 2 examples of utilities you have to pay for at home?
Water, gas, electricity, internet
It is recommended that you don't spend more than 25% of your income on housing. If you make $4,000 per month, what is the most that you should spend on housing for your monthly rent?
$1,000
What is it called when you take money out of a bank account?
Withdrawl
You have $11 to spend at Chik-fil-a. You want a drink, side, and a main course. What 3 items can you afford?
Drinks - fountain drink ($2), milkshake ($5)
Side - fries ($4), salad ($5)
Main - Nuggets ($5), Sandwich ($7)
Fountain drink, fries, nuggets
Interest
money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.