BUDGETING #1
BUDGETING #2
BANKING #1
BANKING #2
QUARTER 2 REVIEW
100
Why should you budget your money?
Multiple Answers
EX: So you don't go negative and get overdraft fees; to keep track of how much you're spending on what; to make sure you have enough money to pay all your bills
100
Which need/bill is usually the largest/most expensive?
Housing/Rent
100
Why is important to have good banking practices?
Multiple Answers
EX: So you don't go negative and get overdraft fees; to keep track of how much you're spending on what; to make sure you have enough money to pay all your bills
100
What is the point of the $45 burrito story?
Lesson in overdraft fees and the importance of banking & budgeting.
100
True or False: It is important to wear professional clothing, and arrive 15 minutes early to your job interview.
TRUE
200
What is difference between a want and a need?
Needs are usually required to survive
Wants are not required to survive
200
What gets removed from your pay check that lowers the amount of money you receive?
Taxes!
200
Name 3 things you can do at a bank.
Open Checking, Savings, & Investment Accounts; Withdraw & Deposit Money; Cash & Deposit Checks; Take Out a Loan; Apply for a Credit Card; Monitor Your Accounts
200
What has made financial management way easier in recent years?
Online banking and banking apps
200
Name one difference between community college and university.
CC: associates degree only, usually two years, easier to get accepted, usually less expensive
UNI: associates and bachelors, usually 4 years, more competitive admissions, usually more expensive
300
Name 3 things that most/many people need.
Multiple Answers
EX: house/shelter, food, water, clothing/shoes, transportation
300
Who is the most important person you should pay first? What should you budget before anything else?
Yourself & Your Savings!
300
What is the differences between a checking accounts and savings account?
Checking is for day-to-day use; Savings is for saving
300
What is the difference between a loan and credit card?
Loans - one large amount
Credit Card - reusable smaller amounts
300
What is the difference between a grant and a loan?
Loans you pay back; grants you do not.
400
Name 3 things that most people consider wants.
Multiple Answers
EX: fancy/extra clothes, nice cell phone, TV, video games, Starbucks, nails & hair
400
How should you plan for big, one-time/yearly expenses (like car registration or furniture)?
Plan ahead by setting aside money each month until you save up enough money to pay for the big expense.
400
Name 2 strategies for building good credit.
1.Always pay on time
2.Pay off the entire balance every month
3.Do not use more than 35% of your limit
4.Keep your credit cards overtime
5.Have different types of credit
400
What do you usually need to fill out in order to deposit cash or checks at a physical bank?
Deposit Slip
400
Name 1 thing that SHOULD be on your resume.
Name, contact information (phone number, email address), education, work experience, volunteer experience, relevant skills
500
Aside from monthly payments, name 2 other things you have to pay for when you own a car.
License, Car Insurance, Registration, Gas, Maintenance, Oil Changes
500
Explain the following quote: "Beware of little expenses; a small leak will sink a great ship."
Spending a couple dollars on a small thing everyday will add up fast. These small leaks can destroy our budget.
500
Name what goes in each space on the blank check:
1. Payer Information
2. Date of Check
3. Who you are paying
4. Dollar amount in numbers
5. Dollar amount in words/letters
6. What check is for
7. Payer's signature
500
What is a check register used for?
Keeping track of checks you write so you know how much money you actually have left before the check gets cashed by the other person.
500
What is the differences between an intrinsic and extrinsic reward?
Intrinsic - internal - rewards that come from inside you
Extrinsic - external - rewards that come from outside you