Vocabulary
Adding or putting money into an account.
Deposit
You should always spend more money than you have.
FALSE!
What are TWO parts of a check?
The address, the account name, the account number, routing number, the memo line, the pay to order line, the money written out, money in numbers, signature line, check number
What are the two main functions of banks?
Taking deposits and giving out loans
Taking money out of an account.
Withdrawal
Interest is always a good thing.
FALSE
Who should know your ATM PIN?
Only you should know your PIN.
What is the Federal Reserve's role?
Keeping banks stable and controlling the money supply
A plan for how to save and spend money.
Budget
Fixed expenses include things like rent.
TRUE
What is a checking account used for?
To keep money to use for every day expenses.
Sharon's monthly income is $200.00. How much does she make in 4 months?
$800.00
Who protects your deposits in a bank up to $250,000?
Federal Deposit Insurance Corporation (FDIC)
Extra money that you either earn or owe.
Interest
The two parts of a budget are income and outcomes.
FALSE
Why is it important to make a budget?
A budget helps plan your spending.
Kristopher's income each month is $1999.00. His expenses are $550.00 each month. What are his savings for each month?
$1449.00
What is the Federal Reserve also known as?
The Fed
An I.O.U. that you pay later.
Credit
Variable Expenses change from month to month
TRUE
Why is it important to be careful when using credit cards?
Debt can add up, not paying on time can negatively affect credit score, can easily overspend
What is the Federal Reserve's main purpose?
To manage monetary policy and ensure financial stability