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

How old do you need to be to get a credit card?

.18

100
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
100

Tom borrows $5000, does he earn or pay interest?

Pay

200
Taking money out of an account.
Withdrawal
200
Interest is always a good thing.
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 is the formula to calculate simple interest?

I = Prt

300
A plan for how to save and spend money.
Budget
300
Fixed expenses include things like rent.
TRUE
300

What is a chequing account?

Money kept for every day expenses.

300

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

$800.00

300

What do the following letters stand for in the formula for interest? I=PRT

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



400

Extra money that you either earn or owe on a principal amount.

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

Briana saves $20.00 each month to buy a computer. The computer costs $400.00. How many months will it take for her to save enough money?

20

400

Josh has $5,000 to save. He finds two savings account, one pays 3% interest and the other 5%. Which account should he select? Explain

The one that pays 5% as he will earn more interest on his initial investment. 

500

The type of interest that pays on the principal and the interest already earned.

Compound

500
Variable Expenses change from month to month
TRUE
500

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

Pay high interest fees if you do not pay off the full balance.

500

At the end of the month, you are in debt. How can you fix this?

Earn more money, cut expenses, save less

500

If you borrow money, do you want an account that pays simple or compound interest? Explain

Simple as you will pay less money in interest.

M
e
n
u