Tracking our Spending
What do we call a plan that helps you buy what you need or save money?
Budget
Besides expenses, what else is needed to make a budget?
income
What do we call bank accounts that are used to save money?
Saving accounts
What do you call the money you borrow?
A loan
When you make a purchase in Maine, what must you pay in addition to the price of the product or service?
Sales tax
What do we call things that must be included in your budget?
Needs
What do we call our income before taxes are taken out?
Gross Income
What do we call bank accounts that we use to pay for various expenses with a check book or debit card?
checking accounts
What do you call the additional money you need to pay when paying back a loan?
Interest
What is the state of Maine's sales tax equal to?
5.5%
What do we call expenses that are the same every month?
Fixed expenses
What do we call income that we "take home" after taxes and other deductions?
net income
Where do you record your bank transactions?
Checkbook register
Where do you acquire a loan?
Bank, Credit Union, Mortgage company
What is Maine's sales tax used for?
To pay for services that the state provides
Dining out, toys, games, vacations are examples of needs or wants?
Wants
What do we call money you earn from work?
income
When do we use cursive writing when we write a check?
For the signature
Why does a bank charge more interest for loans than it gives you for saving money there?
It is their way to pay their expenses.
What do we call expenses that fluctuate each month?
Variable expenses
What do we call money that is taken out of our paycheck by the government?
Taxes
What do we call the card we use in our checking accounts?
Debit cards
How much sales tax would be charged for a $10 item in Maine?
$.55