Exam Questions
What is a consumer?
A person who buys goods and services.
What is a debit card?
A card used to purchase goods or services that is tied to your checking account.
What does it mean to adjust your budget?
To make a change
Show me your state ID
What does a teller at the bank do for people?
Help them make bank account transactions.
What is a budget?
A plan for what someone saves and spends their money on.
What is an ATM?
Automatic Teller Machine
What is a fixed expense?
Rent or Phone Bill
Show me your Insurance Card
What is income?
Money you earn from a job or SSI
Why would a person go into debt?
Because they were spending more money than what they have
What is a credit card?
Money you borrow from the bank and pay back later
What is a variable expense?
Groceries and Medical
Show me your debit card
What does it mean to make a deposit?
Put money in a bank account
What are needs vs. wants? Give Examples
Coffee
Medication
What is your savings account? Why do people save money?
A place to put money so you don't spend it
If you have a budget of $100 dollars for the month can you spend a $100 on Christmas gifts?
No, you will have to make adjustments.
Show me your credit card
What does it mean to make a withdrawal?
To take money out of a bank account (checking or savings)
What are Habits? Give examples of health and thrifty habits
What is your checking account?
This is the money tied to your debit card that you pay for expenses
Should you spend all the money you have in your account every month?
Why is it important to have your wallet with you everyday?
Because it is the why you identify who you are, so you can make transactions, and you show you are prepared and responsible
What does it mean if a transaction is pending?
The money is waiting to come out of your account