Banks or Credit Unions
Savings
Financial Planning Vocab
Checking Accounts
The Basics
100
This financial institution has more branch locations.
What is a Bank?
100
Name two reasons to have a savings account.
Your money is stored in a safe place, earns interest, encourages saving toward financial goals, discourages impulse buying, back up to a checking account.
100

This is a financial trade-off when you decide to purchase one thing over another. 

What is Opportunity Cost?
100
This is one benefit of a checking account. 
Easier to pay expenses, easier to access funds, direct deposit, can back it up to a savings account to not overdraft, can write checks from it. 
100
These are things that are non-essential to life such as eating at restaurants, going to concerts, or getting your nails done.
What are Wants?
200
These financial institutions are member-owned.
What are Credit Unions?
200
This is the percentage of your monthly income that you should put into savings. 
What is 10-20%?
200
This is something you can create to help you manage your expenses, savings, and investments to help you reach financial goals.
What is a Personal Financial Plan or Budget?
200
This type of checking account is for two or more people who are typically in the same household. 
What is a Joint checking Account?
200
True or False: It is better to pay bills right away to avoid late fees or a lower credit score. 
What is True?
300
True or False: Banks are known for being personable and having lower fees. 
What is False?
300
This type of savings account is designed specifically for educational expenses. 
What is a 529 Savings Account?
300
Examples of this type of expense are rent, car payments, cell phone bill. 
What is a Fixed Expense?
300
To open a checking account, you need bring these things to a financial institution. Name two. 
Identification, social security number, money (cash or check) for your first deposit
300
Name which is a want and which is a need. 

Heat/Electricity in Your House and the Newest iPhone


Want: Newest iPhone

Need: Heat/Electricity in Your Home

400
Name a factor that people consider when choosing a bank or credit union.
What is Convenience, Location, Lower fees, or Interest Rates?
400
This type of account penalizes you for withdrawing your money early.  
What is a Certificate of Deposit?
400
This type of expense is what you should cut back on when you want to limit spending.
What are Variable Expenses or Wants?
400
If you write a check for $150, but you only have $100 in your account, this will happen. 
Overdraft Fees, Your Check Will Bounce
400

Name at least two things you should consider or include in a personal financial plan or budget.

What are fixed expenses, variable expenses, financial goals, wants vs. needs?
500
This is the maximum amount of money a bank or credit union will insure deposits in a savings account. 
What is $250,000?
500

If I wanted higher interest rates and I could maintain a higher minimum balance, this is the type of savings account I should open. 

What is a Money Market Account?
500
When creating a personal financial plan/budget, this is the type of income you should base your plan/budget on. 
What is Net Income or Take-home Pay?


500
This is something that should be linked to your checking account so you don't overdraft. 
What is a Savings Account?
500
This is the difference between Gross Income and Net Income. 
Gross Income is your income before taxes. Net Income is your income after taxes have been taken out. 
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