Budgeting
Loans
Credit
Wants vs Needs
Checking Accounts & Savings Accounts
100

What is Budgeting?

A plan for spending. Planning specific amounts you can spend on categories. You can make a calendar, a journal, or a spreadsheet to track your spending.

100

What is Interest? 

What is the cost of borrowing money, typically a percentage added to the principle.

100

What is the range your credit report can be? 

300-850

100

What is a need?

What is something you need in order to survive. 

100

A card used to deduct money from your checking account.

What is a debit card?

200

What is Income?

What do you call it when you have an allowance from home, or money from a job.

200

What is the principle on a loan? 

What is the amount of money you borrowed from a lender. 

200

A loan from a financial institution, used to purchase goods or services, but money must be paid back. There is a minimum monthly payment, or you can pay off the balance. What is this called? 

What is a credit card?

200

What is a want?

What is something a person would like to have. 

200

An account where you can store your money you plan on spending later, for a big purchase in case of emergency's is what?

What is a Savings Account

300

What is a Fixed Expense? 

An expense that does not change when handling your finances, for example (College room and board, campus housing, car payment and insurance, Health Insurance).

300

What is the monthly payment made of? 

The principle and the interest amounts added together to make the amount owed for a 30-day period.  

300

How many Credit Bureaus are there? 

(Equifax, Experian, Transunion)

300

What is a want/need? 

What is something that you might not need to survive but you need to be successful in our society. 

300

What is the amount of money you are charged if you spend money with your debit card, but your account is negative. 

Insufficient Funds Fee 

400

What is a variable expense?

What is money spent on things that the cost changes month to month. 

400

A loan has interest rates and fees that are determined by the lender and depend on your _________.

Credit Score 

400

-How much you owe - Payment History - How often you apply for credit - Any negative information on public record - Inquiries financial Intuitions make about you - All these make up what?

What is a credit report?

400

House 

What is a need 

400

What is it called when you are negative in your checking account, and you have the funds automatically sweep from your savings account to your checking account? 

Overdraft Protection

500

What is gross income vs net income? 

Income that has no deductions vs income that the deductions have been taken out?

500

Financial Institutions are __________ so they evaluate your credit score to determine the interest you will pay on a loan. 

Risk Based

500

How can you check your credit? 

Credit Karma or your Banking App 

500

Upgraded Technology 

What is a want.

500

What does CD stand for? 

What is a Certificate of Deposit