A plan for spending and saving money each month
Budget
Money earned through employment
Income
Ralph has a net monthly income of $4,000.00. He's currently looking at an apartment with a monthly rent of 1,700.00 a month. Should he rent the apartment?
Yes
Money put away into a bank to use for later or for an emergency
Savings
Wants
Things you must have to survive (food, water, shelter) or to have personal success
Needs
An arrangement you make with your bank which allows you to keep your money in a safe place and take it out when you need it
Bank Account
Type of expenses that stay the same each month
Fixed Expenses
Is a Netflix subscription a fixed expense or variable expense.
Fixed Expense
A bank account that you can usually take money from at any time
Checking Account
A bank account which you usually put money in for a longer period of time. It may earn interest.
Savings Account
A personal plastic card you use to get money from your bank account(s)
Debit Card
Type of expenses that change each month
Variable Expenses
A machine often found on a wall outside of a bank where you can withdraw from / deposit into your bank account
ATM – Automated Teller Machine
The money you put into your bank account
Deposit
The money you take out of a bank account
Withdrawal
Money that you borrow that must be repaid
Credit Card / Loan
A 4 digit number to help you secure or verify your money
PIN (Personal Identification Number)
Name 4 banking institutions
Wells Fargo, PNC, Santander, TD Bank, Navy Federal, Philadelphia Federal Credit Union, Bank of America.
Money you pay to the government, from your pay check for _ _ _
Taxes
If you start work at 9:00 am and get off at 1:00 PM, how many hours have you worked?
4 hours
If you leave at 8:30AM and it takes you 45 mins to walk to the bus stop what time will you arrive at the bus stop?
9:15 AM
If you work a 4 hour day and start at 12:00 PM, what time will you be off work?
4:00PM
Mr. Bob went to CVS to purchase a bottle of water. The water cost $3.98, he paid with a 10 dollar bill. How much change will Mr. Bob get back?
$6.02
Food, water, and shelter are examples of what?
Needs