Vocabulary
True or False
Personal Banking
Reading a Budget
Interest
100
Adding or putting money into an account.
Deposit
100
You should always spend more money than you have.
FALSE!
100
What are TWO parts of a check?
The address, the name, the account name, the account number, the memo line, the pay to order line, the money written out, the signature line.
100

London makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?

$150.00

100
What is the formula to find budget?
I=PRT
200
Taking money out of an account.
Withdrawal
200

Interest is always a good thing. Especially when the bank charges me interest.

FALSE

200
Who should know your ATM PIN?
Only you should know your PIN.
200

David's expenses for each month are $40.00 for his phone, $20.00 for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?

$90.00

200
What do the following letters stand for in the formula for interest? I=PRT
I: Interest P: Principal R: Rate T: Time
300
A plan for how to save and spend money.
Budget
300
Fixed expenses include things like rent.
TRUE
300
What is a checking account?
Money kept for every day expenses.
300

Sean's monthly income is $200.00. How much does she make in 4 months?

$800.00

300

Find the interest: P: $5,000. R: 5% T: 4 Years

$1,000.00

400
Extra money that you either earn or owe.
Interest
400
The two parts of a budget are income and outcomes.
FALSE
400
Why is it important to make a budget?
A budget helps plan your spending.
400

Sean's income each month is $1999.00. His expenses are $550.00 each month. What are his savings for each month?

$1449.00

400
P: $2,400 R: 6% T: 20 Years
$2,880.00
500
An I.O.U. that you pay later.
Credit
500
Variable Expenses change from month to month
TRUE
500

Why is it important to be careful when using credit cards? Explain your answer.

- It's money you borrow and have to pay back

- Interest charged to you

- late charges

- if not paid could cause you to have bad credit

500
Briana saves $20.00 each month to buy a computer. The computer costs $500.00. How many months will it take for her to save enough money?
25
500

Paula deposited $10,000 into a savings account. The interest rate was 5.5%. How much interest will she have in 15 years?

$8250.00

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