Budgeting Basics
Terms
Financial Literacy
Transactions
VYSTAR
100

Things that you would like but can live without are ______?

Wants

100

What is money?

A unit of account that stores value.

100

What is financial literacy?

The ability to understand and effectively use financial skills.

100

When you deposit money, is it going into or coming out of your account?

Into your account

100

What is the Vystar logo?

A compass

200

Money set aside for unexpected occurrences.

Emergency Funds

200

What is Cryptocurrency?

A digital form of currency/money.

200

The lowest hourly wage an employer can pay an employee is called what?

Minimum wage

200

When you withdrawal money, is it going into or coming out of your account?

Coming out of your account

200

What is the Vystar slogan?

Do Good. Bank better.

300

The act of choosing a more important purchase over an impulse purchase is called what?

Prioritizing/Prioritization

300

What is a credit score?

A three-digit number that represents how likely someone is to repay debt.

300

Money owed from one person to another or to a financial institution.

Debt
300

What does it mean to ENDORSE a check?

To sign the back of the check.

300

Who is the CEO of Vystar?

A. Russ Thompson

B. Zach Everdeen

C. Brian Wolfburg

D. Kevin Brown

C. Brian Wolfburg

400

Fill in the Blank:

Budgeting is keeping ______ of how much money you ______ and how much money you ________.

Track

Make/Earn

Spend

400

What is interest?

The cost of borrowing money; Benefits earned from saving money in a bank.

400

The amount of money the government requires you to pay based on your income.

Income tax/Taxes

400

When transferring money, what are the THREE THINGS you need to let the teller know?

1. Which account you're transferring out of.

2. How much money you're transferring.

3. Which account, on the receiving end, is it going to.



400

Name one location of a Vystar branch.

Northside(Dunn), Normandy, Riverside, Oceanway, Springfield etc.

500

What are the TWO MAIN categories of budgeting?

(100-point bonus: What is the definition for each one?)

Income: The money you take in.

Expenses: What you spend money on/losing money.

500

What is principle?

The amount of money due on a loan before the interest.

500

401 (k) and IRA are two types of what accounts?

Retirement accounts

500

What is a cash advance?

When you make a cash withdrawal using your credit or debit card. 

(P.S. The money can be taken off of your card and put into an account!)

500

What was the previous name of Vystar credit union?

(50 point bonus: Who was the only group of people allowed to bank there?)

Jax Navy; Only open to the Military and Navy.