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Vocabulary
True or False
Personal Banking
Budgeting
??
100
Adding or putting money into an account.
Deposit
100
You should always spend more money than you have.
FALSE!
100

Name one reason for choosing a bank to deposit your money.

Location, convenience, rates, fees, etc.

100

Which of the following classifies as a "need"?

Entertainment, Eating out, Rent, Trendy clothes

Rent

100

The best time to begin saving for retirement.

As Soon As Possible

200
Taking money out of an account.
Withdrawal
200
Interest is always a good thing.
FALSE
200
Who should know your ATM PIN?
Only you should know your PIN.
200

This is something every spending plan should have.

Goals

200

What is the best way to protect your credit rating?

Pay your bills on time.

300
A plan for how to save and spend money.
Budget
300
Fixed expenses include things like rent.
TRUE
300
What is a checking account?
Money kept for every day expenses.
300
Sharon's montly income is $200.00. How much does she make in 4 months?
$800.00
300
Find the interest: P: $5,000. R: 5% T: 4 Years
$1,000.00
400
Extra money that you either earn or owe.
Interest
400
The two parts of a budget are income and outcomes.
FALSE
400
Why is it important to make a budget?
A budget helps plan your spending.
400

What does the 50/30/20 budget stand for?

50% needs, 30% wants, 20% savings

400

At what age can you access your superannuation fund?

65

500
An I.O.U. that you pay later.
Credit
500
Variable Expenses change from month to month
TRUE
500

Paula deposited $10,000 into a savings account. The interest rate was 5.5%. How much interest will she have in 15 years?

$8250.00

500

When possible, it is better to buy a home rather then rent because purchasing real estate is considered an investment. As you pay off your mortgage you build this.

Equity

500

What does it mean to refinance your home loan?

Look for a new loan to replace your existing one.