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Vocabulary
True or False
Personal Banking
Reading a Budget
Interest
100
Adding or putting money into an account.
Deposit
100
You should always spend more money than you have.
FALSE!
100
What are TWO parts of a check?
The address, the name, the account name, the account number, the memo line, the pay to order line, the money written out, the signature line.
100
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
100
What is the formula to find budget?
I=PRT
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
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
What do the following letters stand for in the formula for interest? I=PRT
I: Interest P: Principal R: Rate T: 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
Kristopher's income each month is $1999.00. His expenses are $550.00 each month. What are his savings for each month?
$1449.00
400
P: $2,400 R: 6% T: 20 Years
$2,880.00
500
An I.O.U. that you pay later.
Credit
500
Variable Expenses change from month to month
TRUE
500

Why is it important to be careful when using credit cards? Explain your answer.

Your credit score is based off of how much you use (Utilization Rate), The amount of debt, and how long you had your debt for. Additionally credit card companies look for the amount of time that you may have had the account with them for.  

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
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