Budget 1
What is an Expense?
Money spent
Which of the following is the safest method to save money?
Accounts with depository institutions (banks)
A _____ card takes money directly from your checking or savings account.
Debit
Money you receive is called your:
Income
You are shopping at a clothing store. Will there be tax?
Yes
What does it mean to “bounce a check”?
Writes a check for more money than is in the account
To be considered financially secure, it is recommended that a person have how much money in Savings?
At least 6 month’s worth of expenses
A ______ card is used to make purchases and pay later.
Credit
What happens when you buy something using a Credit Card?
You take a temporary loan from the bank, which you must repay
You are shopping for food. Will there be tax?
No
Which can you do with Electronic Banking?
Transfer money between accounts electronically
Define Impulse Buying:
Unplanned buying with little consideration
When you take money out of the bank it is call a:
Withdrawal
What is Interest?
A charge for borrowing money, calculated as a percentage
True or False: you should give your server a tip.
True
Which should you do to use an ATM and debit card safely
Memorize the PIN and keep it hidden
Which of the following is Comparison Shopping?
Consideration of product’s features and quality
A plan for spending your money is called a:
Budget
If you use your credit card a lot and you don’t pay your bill each month, what happens?
Which card do you need to know your PIN number for?
Debit Card
People use a Checking Account for what reason?
Reduces the need to carry a large amounts of cash
True or False: you don’t sign your name on a check
False
Bills you have to pay are called:
Expenses
If an individual uses a credit card and Does not Pay the required amount by the due date, they are charged a:
Late payment fee
Which kind of card charges you interest?
Credit Card