Financial Literacy

Banking

100

What type of account is used to save money?

Savings Account

200

What is it called when you put money into your bank account?

Deposit

300

What is the type of fee that will be charged if you use more money than you have available?

Overdraft fee

400

What does ATM stand for?

Automated Teller Machine

500

What is the system that banks use to determine if you qualify to open an account?

Chexsystems

Budgeting

100

What is a budget in 5 words?

 A plan for your money

200

What is income?

Any money you have coming in. Can be from a job or allowance. 

300

What are expenses that can change?

Variable/Flexible Expenses

400

What is money that is owed?

Debt

500

How is the 50/30/20 rule broken down?

50% on needs, 30% on wants, and 20% on savings

Money Matters

100

What is a specific duty, task, or activity someone completes using his or her time, skills, and energy to earn money.

A Job

200

What is difference between a Debit card and a Credit Card?

A debit card is your money. A credit card is borrowed money.

300

What is money made of?

25% linen and 75% cotton with blue and red fibers.

400

What is credit?

Your ability to borrow money

500

What is the TX sales tax rate?

8.25% or .0825

Credit

100

What is interest?

An amount that is charged when you borrow money. 

200

Name 2 types of loans

Installment loan is repaid with equal payments. Revolving loan payments are based on what you borrow and pay back.

300

What is a credit report?

Compiled information from applications, which include your name, credit history, and inquiries.

400

What is co-signing?

Co-signing is taking full responsibility for paying back a loan, along with the primary borrower. When you co-sign, you are promising to pay the debt if the borrower does not pay.

500

What are the 4 C's of lending?

Character, Capacity, Collateral,
Capital