Unit 1- Financial Literacy

1.A budget

100

Define the term budget

A budget is a plan for your money

200

When you set aside money for the future this is called... 

a savings 

300

What are 3 things you may need to budget for as a high school student

transportation, entertainment, and shopping (many examples would work) 

400

How much has this person budgeted for gas, prime subscription, and Claire's wedding?

$335

500

If someone earns $1,849 every two weeks, how much extra money would they have available to budget with using the picture below?

$822 

Subtract $1,849 from $1,027

1.B debit, credit, and prepaid cards

100

T/F when you spend money with your credit card you are taking the money from your checking account. 

False, the money comes from the bank as a loan

200

Debit and ATM cards are attached to your _________ account 

Checking

300

A fee for overspending is called an.... 

overdraft fee

400

For my birthday my mom got me a $20 chipotle gift card, my grandma gave me $25 in cash, and my uncle got me a $50 dollar amazon card. How much money do I have in prepaid cards?

$70

500

I have 1,242 dollars in my checking account and spend 2,739 dollars with my credit card on a new couch. How much am I now in debt for?

$-1,497

1.C writing checks

100

Using the picture, what do you write in number 6?

Date

200

Using the picture, what do you write in number 7?

Signature

300

Using the picture, what do you write in number 3 and 4?

Number and spell out the number

400

Using the picture, what do you write in number 2 and 5?

2= Who is receiving the check 

5= Why you are writing the check

500

Using the picture, what does 11 represent and does that number change?

The check number and yes! Each check has their own number

1.C balance a checkbook

100

What three payment methods do you track in your checkbook register?

Checks, ATM withdraws/deposits, and debit charges 

200

T/F you MUST track your credit expenses in your checkbook register. (explain why or why not)

False- when you pay with your credit card the money does not come from your checking account so you do not need to track it in the register

300

Last week, your checking account balance was $400. Two days ago, you deposited $100 cash. Yesterday, you used that debit card to buy $50 worth of groceries. What is the new balance of your checking account?

$450 

400

Find where is says check #:

Besides checks, what are 4 other transactions that should be recorded here?

checks, debits, trips to the atm, deposits, withdrawals, fees

500

Which column would I write in when adding money to my account? Also, where would I write in when subtracting money?

The deposit amount column to add money 

The payment amount column to withdraw money

1.D costs of living

100

T/F living on your own is super cheap. You would only need around $100 a month for rent, utilities, car payments, emergencies, food, and entertainment 

FALSE- if you said true we need to do some researching!! 

200

Give 2 examples of a fixed and variable expenses 

Fixed: stays the say 

Variable: varies month to month

300

You want to treat your BFF to some pizza. The total comes to $18.49. If you add on a 20 percent tip, what's lunch going to cost you?

$22.19

Move the % decimal two to the left times by the amount. Then add that number to the original amount

400

Ed has a yearly salary of $36,000. How much money does Ed make per month?

$3,000

500

Marty makes $1,400 a month as a paper boy. His mother charges him $600 a month to stay at her house. He spends $300 a month on food and groceries. The paper company subtracts $100 a month for taxes and insurance. How much money does Marty have left over after he pays his expenses?

$400