Vocabulary
a plan for all financial transactions that will occur in a given time.
a budget
Name one way to keep track of your spending
track receipts, balance checkbook, write it down
What is a debit card?
What is a check?
a check is something you write to another person or business. It takes a specific amount of money directly from your account and gives it to another person's account
the amount of money you have coming in
income
What are two things you need to budget for every month?
rent, gas, groceries, utilities
What is a credit card?
When you use a credit card, the money isn't taken directly from your account. You pay it back at a later date.
What are the two accounts you can open at a bank?
checking account and savings account
things you spend money on
expenses
Why is it important to make a budget?
help save money, make sure you don't run out, know what you're spending money on
What happens when you use your debit card, and you don't have enough money in your account?
It will get declined
This type of account transaction increases the account balance.
deposit
expenses that occur about the same time throughout the year
fixed expenses
Budgeting can help you organize _________ and ________.
spending and savings
True or False
When you use your credit card, you can spend as much as you want. There is no limit on the credit card.
False. You will have a credit limit
This type of account transaction decreases the account balance.
withdrawal
expenses that vary from time to time
flexible expenses
Where should you start when you are making a budget?
What is your income, what necessary expenses do you have each month
When is it better to use your credit card?
A. When you make a small purchase
B. When you make a big purchase
When you make a bigger purchase
(can someone tell us why?)
What are some things you need to remember to write on a check?
date, amount, signature