Budgeting Basics
Things that you would like but can live without are ______?
Wants
What is money?
A unit of account that stores value.
What is financial literacy?
The ability to understand and effectively use financial skills.
When you deposit money, is it going into or coming out of your account?
Into your account
What is the Vystar logo?
A compass
Money set aside for unexpected occurrences.
Emergency Funds
What is Cryptocurrency?
A digital form of currency/money.
The lowest hourly wage an employer can pay an employee is called what?
Minimum wage
When you withdrawal money, is it going into or coming out of your account?
Coming out of your account
What is the Vystar slogan?
Do Good. Bank better.
The act of choosing a more important purchase over an impulse purchase is called what?
Prioritizing/Prioritization
What is a credit score?
A three-digit number that represents how likely someone is to repay debt.
Money owed from one person to another or to a financial institution.
What does it mean to ENDORSE a check?
To sign the back of the check.
Who is the CEO of Vystar?
A. Russ Thompson
B. Zach Everdeen
C. Brian Wolfburg
D. Kevin Brown
C. Brian Wolfburg
Fill in the Blank:
Budgeting is keeping ______ of how much money you ______ and how much money you ________.
Track
Make/Earn
Spend
What is interest?
The cost of borrowing money; Benefits earned from saving money in a bank.
The amount of money the government requires you to pay based on your income.
Taxes
When transferring money, what are the THREE THINGS you need to let the teller know?
1. Which account you're transferring out of.
2. How much money you're transferring.
3. Which account, on the receiving end, is it going to.
Name one location of a Vystar branch.
Northside(Dunn), Normandy, Riverside, Oceanway, Springfield etc.
What are the TWO MAIN categories of budgeting?
(100-point bonus: What is the definition for each one?)
Ineffective budgeting: Spending more than you make.
Effective budgeting: Spending less than you make.
What is principle?
The amount of money due on a loan before the interest.
401 (k) and IRA are two types of what accounts?
Retirement accounts
What is a cash advance?
When you make a cash withdrawal using your credit or debit card.
(P.S. The money can be taken off of your card and put into an account!)
What was the previous name of Vystar credit union?
(50 point bonus: Who was the only group of people allowed to bank there?)
Jax Navy; Only open to the Military and Navy.