Vocabulary
Reading a Budget
True or False
Personal Banking
Interest
100
Adding or putting money into an account.
Deposit
100
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
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

What is the formula to find Interest?

I=PRT

200
Taking money out of an account.
Withdrawal
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
Interest is always a good thing.
FALSE
200
Who should know your ATM PIN?
Only you should know your PIN.
200

What do the letters stand for in the formula for interest?

I: Interest P: Principal R: Rate T: Time

300
A plan for how to save and spend money.
Budget
300
Sharon's montly income is $200.00. How much does she make in 4 months?
$800.00
300
Fixed expenses include things like rent.
TRUE
300
What is a checking account?
Money kept for every day expenses.
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
Kristopher's income each month is $1999.00. His expenses are $550.00 each month. What are his savings for each month?
$1449.00
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
P: $2,400 R: 6% T: 20 Years
$2,880.00
500

An I.O.U. that you pay later.

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
Variable Expenses change from month to month
TRUE
500

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

Easily spend more than you should

500

How long will it take Paula double her $10,000 if the interest rate was 6%?

Approximately 12 years

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