Show:
Vocabulary
True or False
Personal Banking
Reading a Budget
Simple Interest
100

Adding or putting money into an account.

Deposit

100

You should always spend more money than you have.

FALSE! Spending more than you have means you are going into debt.

100

What are the two main types of bank accounts?

Chequings and savings

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 simple interest?

I=PRT

200

Taking money out of an account.

Withdrawal

200

Interest is always a good thing.

FALSE. On a credit card it is a bad thing.

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 simple 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. These are expenses that (for the most part), don't change from month to month.

300

What is a chequing 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

*remember the rate must be written as a decimal

$1,000.00

400
Extra money that you either earn or owe.
Interest
400

There is only one type of budget.

FALSE! There are many types - The envelope budget, 50-30-20, etc.

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

*remember the rate must be written as a decimal

$2,880.00

500
An I.O.U. that you pay later.
Credit
500

Variable Expenses change from month to month

TRUE! These are expenses that may change based on other factors. 

500

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

Credit cards are good as they allow you to make larger purchases, but if you don't pay them off in time you can go into debt - which also adds interest and impacts your credit score.

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?

*remember the rate must be written as a decimal

$8250.00