Vocabulary
Adding or putting money into an account.
Deposit
Interest is always a good thing.
FALSE
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.
Juan makes $100.00 cutting grass and $50.00 for trimming garden beds each month. What is his total monthly income?
$150.00
What is a credit score, and why is it important?
Represents how responsible you are with borrowing and repaying money and use it to evaluate your financial reliability.
Taking money out of an account.
Withdrawal
Fixed expenses include things like rent.
TRUE
Why is it important to make a budget?
A budget helps create better spending habits.
David's expenses for each month are $40.00 for his phone, $20.00 for dinning at restaurants, and $30.00 for his savings. What are his total monthly expenses?
$90.00
What are the main factors that affect your credit score?
A plan for how to save and spend money.
Budget
The two parts of a budget are income and outcomes.
FALSE
What is a checking account?
Money kept for every day expenses.
Christina's monthly income is $300.00. How much does she make in 4 months?
$1200.00
If you have a credit card with a $1,000 limit and a $900 balance, how could this affect your credit score?
It could lower your credit score because you are using 90% of your available credit.
An I.O.U. that you pay later.
Credit
You should always spend more money than you have.
FALSE!
Who should know your ATM PIN?
Only you should know your PIN.
Steven's income each month is $1999.00. His expenses are $650.00 each month. What are his savings for each month?
$1349.00
What happens if you miss a credit card payment?
You may be charged a late fee, your interest rate could increase, and your credit score may decrease.
Extra money that you either earn or owe.
Interest
Variable Expenses change from month to month
TRUE
Why is it important to be careful when using credit cards? Explain your answer.
You could get out of control quick and owe way more in interest.
Ericka 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
Why is it important to build good credit while you're young?
Building good credit early can make it easier to buy a car, rent an apartment, qualify for loans, and save money through lower interest rates later in life.