Banking Basics
What is the money called that you put into a bank account?
A deposit
What is a budget?
A plan for how you will spend and save your money.
What is an emergency fund?
Money saved for unexpected expenses.
What is credit?
Borrowing money with an agreement to repay it.
Should you give your bank password to someone who calls claiming to be from your bank?
No!
What card lets you spend money directly from your checking account?
A debit card
You earn $1,000 and spend $800. How much remains?
$200
Name one reason to save money.
Emergencies, future purchases, bills, or financial security.
What happens when you miss a loan or credit card payment?
You may receive late fees, and your credit history may be negatively affected.
You won $5,000 but must pay $200 first. Scam or legitimate?
Scam!
What does ATM stand for?
Automated Teller Machine
Which comes first: rent or a new television?
Rent
You save $20 per week for four weeks. How much do you have?
$80
What does a credit score help lenders evaluate?
How likely you are to repay borrowed money.
What should you do with a suspicious link from an unknown number?
Don't click it. Delete or report the message.
What is the difference between checking and savings?
Checking is generally used for everyday spending; savings is used to set money aside.
You have $100. Groceries cost $40 and gas costs $30. How much remains?
$30
Why save before spending on wants?
To make sure important expenses and goals are covered first.
Name one way to improve your credit.
Pay bills on time, keep credit card balances low, and check your credit reports.
Someone claiming to be your bank asks for your verification code. What do you do?
Never share the code. Hang up and contact your bank using a trusted number.
You deposit $200 and withdraw $75, how much remains?
$125
You earn $2,400 and bills total $1,810. How much remains?
$590
You have $500 saved and pay $150 for a car repair. How much remains?
$350
Why pay more than the minimum on a credit card?
It helps pay down the balance faster and reduces interest costs.
How can you safely verify a message from your bank?
Call the number on the back of your debit card or use the bank's official website or app.