Saving for a goal
A goal that can be reached in less than 1 year.
What is a short term goal?
Food, clothing and shelter
What are needs ?
The first step in creating a budget.
What is listing all forms of income from all sources.
Pay Day loans, Commercial Banks, Credit Unions
What are the 3 types of financial institutions we studied?
The item you use to keep track of checks, deposits and debit transactions
What is a check register?
12 months
How many months are in a year?
Cell phones, computer games, movie tickets are examples of this.
What are wants?
The first categories in your budget.
What are needs?
A financial institution that does not offer checking or savings
What is Pay Day loan offices?
The account that allows you to write checks, make deposits and use a debit card.
What is a checking account ?
A goal to save for a car, house or vacation
What is an example of a long term goal?
Rent, or car payment is this type of expense
What is a fixed expense?
A category in your budget that should be included for reaching your long term goals.
What is savings ?
A not for profit institution run by members
What is a Credit Union?
A secret number you use with your debit card.
What is a PIN ?
You need to save this much each month to reach $ 450.00 over ten months.
What is $ 45.00 ?
College tuition is this type of expense
What is periodic?
20 % of $ 860
What is $172.40 ?
A for profit bank , run by shareholders
What is a commercial bank?
The type of account where you earn interest for keeping your money in the bank.
What is a saving account?
You need to save this much each month to reach $ 2, 400 in 4 years.
What is $ 50 ?
Groceries, utility bills, gas for your car are this type of expense
What is a variable expense?
15 % of $ 1050
What is $ 157.50?
The institution that offers the lowest interest rates on personal loans.
What is a credit union?
Add outstanding deposits and subtract outstanding checks.
What must you do when you reconcile your bank statement?