Credit
1. What is credit?
Borrowed money that you must payback.
What is a debit card?
A card that uses money directly from your bank account
What does it mean to save money?
Putting money aside to use later
What is a budget?
A plan for how you will spend and save your money
What does it mean to spend money?
Using money to buy goods or services
What is a credit score.
A number that shows how well you repay borrowed money
What happens when you use a debit card to buy something?
The money is taken out of your bank account immediately
Where is a common place to keep savings?
A savings account
Which item is usually included in a budget?
Your monthly income and expenses
Which of these is an example of a want rather than a need?
A new video game
Which action can help improve your credit score?
Paying bills on time
Which account is a debit card usually linked to?
A checking account
Why is saving money important?
It prepares you for emergencies and future goals
Why is having a budget important?
It helps you avoid overspending
Why is it important to track your spending?
To know where your money is going
What is interest?
A fee you pay for borrowing money
What is one advantage of using a debit card?
It helps you avoid debt
What is interest in a savings account?
Money the bank pays you for keeping your savings there
What should you do if you spend more than your budget allows?
Adjust your spending or update your budget
What happens if you spend more money than you have?
You may go into debt or overdraft
Which item is commonly found on a credit report?
Your credit accounts and payment history
What should you do if your debit card is lost or stolen?
Report it to your bank immediately
Which habit helps you grow your savings?
Adding money to your savings regularly
Which habit helps you stick to a budget?
Tracking your spending regularly
Which habit can help you control your spending?
Comparing prices before buying