Vocabulary
To take money out of an account
What is a withdrawal
$250
An electronic card given to you by a bank that allows a customer to access their account and withdraw cash or pay for goods and services
What is a debit card
An award in the form of money given to a student to support their education based on their achievements
Shelter, medicine and food are needs. A play station is
What is a want
An account that allows for withdrawals and deposits
What is a checking account?
Jack's expenses for each month are $50 for his phone, $30 for eating at restaurants and $30 for savings. What is his total monthly expenses?
$110
Who should know your bank PIN?
Only you should know your bank PIN
Jason's college will cost $14,000 per year. He has a scholarship worth $4,000 and he earns $2,000 per year at his job. How much will he need to borrow to cover the remaining cost of tuition?
$8,000
Jamal is paid by the hour by his lawn job. The money he earns is?
What is income
Spending more money that what you have in your account
Insufficient funds
Sydney's monthly income is $400. How much does she make in 4 months
$1,600
Why is it important to make a budget?
It helps you plan your spending
Alberta will go to a college where the cost for one year is $20,000. She received a grant worth $3,000 and she earns $3,000 per year at her job. How much will she need to borrow to cover the remaining cost of her tuition for one year
$14,000
Does your debit card pull money out of your checking account?
Yes
A plan for how to save money
What is a budget
Christopher's income each month is $1999. His expenses are $550 each month. What are his savings for each month?
$1449
Angelica has a bank account that charges $2 fora non-bank ATM withdrawals. Last month, Angelica paid $12 in ATM fees. How many non-bank ATM withdrawals did she make?
6
Five ways to help pay for college
Grants, Scholarships, Loans, Work-Study, Savings and a job
How old do you have to be to get a loan?
What is 18
A program in which students are able to work at jobs on campus to make money to pay for college tuition
What is a work-study program?
Trina saves $20 each month to buy a computer. The computer cost $500. How many months will it take for her to save enough money?
25
Delina's checking account balance is $500. Non-bank ATM withdrawals have a $2 fee and she withdrew $20 from a non-bank ATM. She also wrote a check for $100. What is her balance now?
$378
For seniors, when can you start applying for FAFSA
October 1
4 tips for making money matter
What is developing a spending plan, identifying wants and needs, saving and not keeping up with others