Vocabulary
A plan for how to save and spend money.
Budget
T/F
You should always spend more money than you have.
False
What is a checking account?
Money kept for every day expenses.
Julia makes $100.00 for babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
What's the most common type of insurance that states require?
Personal Injury or Personal Liability
What is it to take money out of an account?
Withdrawl
Why is it important to be careful when using credit cards?
Explain your answer
Why is it important to make a budget?
A budget helps plan your spending.
David's expenses for each month are $40.00 for his phone, $100.00 a week for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?
$470
Pays for any type of damage that does not involve a collision with another vehicle.
What is Comprehensive Coverage
Extra money that you either earn or owe.
Interest
What are the 4 common forms of credit?
-revolving credit
-charge cards/open credit
-installment credit
-service credit
Who should know your ATM PIN?
Only you.
What is the formula to find budget?
I=PRT
A coverage that helps pay to repair or replace your car if it's damaged in an accident with another vehicle or object.
What is financial literacy?
inancial literacy is the ability to understand and use various financial skills, including personal financial management, budgeting, and investing.
How to build credit
1. Apply for a Secured Credit Card
2. Get Someone to Cosign a Loan
3. Set up automatic payments
4. Pay off withstanding balances
5. Pay more than the minimum requirement
6. increase your credit limit
Paula deposited $10,000 into a savings account. The interest rate was 5.5%. How much interest will she have in 15 years?
Paula deposited $10,000 into a savings account. The interest rate was 5.5%. How much interest will she have in 15 years?
What do the following letters stand for in the formula for interest? I=PRT
I: Interest P: Principal R: Rate T: Time
Covers medical expenses for passengers in another vehicle as well as passengers in their vehicle.
What is Liablility Coverage
What is the difference between credit and debit?
Debits are money going out of the account; they increase the balance of dividends, expenses, assets and losses. Credits are money coming into the account; they increase the balance of gains, income, revenues, liabilities, and shareholder equity.
List 3 reasons why its important to have a good credit score..
explain..
4 types of banking accounts
Checking
Saving
CD
Money Market
Find the interest: P: $5,000. R: 5% T: 4 Years
$1,000.00
An expense that needs to be paid before policy is activated
deductible