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

What is an emergency fund?

An emergency fund is a personal budget set aside as a financial safety net for future mishaps or unexpected expenses. 

100
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
100

The required cost of something 

An expense 

200
Taking money out of an account.
Withdrawal
200

Credit card interest is always a good thing.

FALSE!

200
Who should know your ATM PIN?
Only you should know your PIN.
200
David's expenses for each month are $40.00 for his phone, $20.00 for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?
$90.00
200

Money received, especially on a regular basis, for work or through investments.

Income

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

A typically suggested percentage of income you should be saving?

10% to 20% 

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

Kristopher's income each month is $2000. His expenses are $550 each month. What are his savings for each month?

$1450.00

400

The income you have after all of your bills, taxes, and necessities are paid

Discretionary Income 

500

An I.O.U. that you pay later.

Credit (or loan)

500
Variable Expenses change from month to month
TRUE
500

Why is it important to be careful when using credit cards?

Credit cards make it easy to overspend.

500
Briana saves $20.00 each month to buy a computer. The computer costs $500.00. How many months will it take for her to save enough money?
25
500

The standards used to guide goal setting, typically referred to as SMART.

Specific, Measurable, Achievable, Relevant, and time-bound.