Budgeting
True or False: The budgeting process starts with monitoring current spending.
What is False?
A transaction in which money is removed from a bank account by the account owner.
What is a withdrawal?
True or false. Grants must be paid back with interest over time.
What is false?
IRA stands for this.
What is Individual Retirement Account?
You should do this is you get a spam text or email.
What is delete?
This allows you to find new sources of income, keep track of cash flow, and differentiate between needs and wants.
What is a budget?
A transaction in which a sum of money is put into a bank account by the account owner.
What is a deposit?
Mom and dad put $200 a month in an account for when you grow up and go to college. This is called ___________.
What is savings?
This is the maximum credit score.
What is 850?
This occurs when someone uses your name, Social Security number, etc. without permission.
What is identity theft?
This type of expense is the same every month.
What is a fixed expense?
What kind of transaction is moving money from your savings to checking account.
What is a transfer?
Might take a lot of work and research to apply. But if awarded, can pay for large amounts of college expenses.
What are scholarships?
Money you earned is placed directly into your bank account rather than receiving a paper check.
What is direct deposit?
This can appear in a form of an email or pop-up messages.
What is phishing?
Rent and car insurance payments are which type of expenses?
What are fixed expenses?
The money in a deposit account at any given point in time.
What is an account balance?
A 401k helps you save for __________ and a 529 plan helps you save for _______________.
What is retirement and college?
Name the three different forms of taxes collected in the United States.
What are property, sales, and income taxes?
If someone you don't know texts you to buy a gift card and send them the code, don't respond because it is this.
What is a scam?
Explain the 50-30-20 rule.
What is 50% of your income for needs, 30% of your income for wants, and 20% of your income for savings and debt.
Mr. S had $1,587 in his checking account. Then he purchased some Rubik's cubes from Amazon. The Rubik's cubes cost $305. What is his account balance?
What is $1,282?
A payment is _________ when it is postponed and to be paid at a later time.
What is deferred?
Would you rather have $1,000,000 now or start with a penny and double your money every day for 30 days?
What is start with a penny? You would have $5,368,709.12
This is the trail of data your leave behind when you use the Internet.
What is a digital footprint?