Banking
What is a financial institution that accepts deposits from the public, keeps money, and issues loans?
What is a bank?
What is something essential for your survival and health.
What is a need?
What is a mandatory payment collected by a government, individuals, businesses, or organizations to fun services and operations?
A tax.
What a financial plan that tracks your income and expenses over time to help you control spending, and reach your goals?
A budget.
Is water a need or want?
A need.
What are the 2 main banking accounts?
Checking and Savings Accounts.
What is something that you wish for, but is not essential for your survival?
What is a want?
What is a service that provides protection against the unpredictable; like car accidents or broken arms?
Insurance.
Which step is add up your monthly after tax pay?
1st. Calculate your income.
What is the cost of using resources in one way instead of another?
Opportunity Cost.
What is an account for spending and frequent transactions using a debit card, checks, or ATM access?
What is a Checking account?
True or False? A mansion is a need.
False.
What is the extra money you pay when you borrow money, or is the extra money you earn when you save or invest money?
Interest.
What percent of your income do you put into living expenses?
50%.
What percent of your income do you put into your lifestyle choices?
30%.
What is an account to store and grow money by earning interest?
What is a savings account?
What is a need?
What is a financial agreement where a borrower receives money, goods, or services and promises to repay the lender at a later date, usually with interest?
Credit.
What percent of your income do you put into savings and debt?
What is the amount of money left over after all living expenses, that is set aside for future use?
Savings.
What is the difference between a checking and savings account?
Checking is for paying bills and daily purchases; savings is for holding emergency reserves and long-term goals.
Is a expensive jacket a need or want?
A want.
What is the total amount of unpaid money on a loan excluding any interest charges?
Principle.
What is the 50/30/20 rule?
It is a strategy that divides your income into 3 separate groups to help calculate your target spending.
What is Evans favorite NFL team?
The Minnesota Vikings.