Wants/Needs
Is groceries a want or a need
Need
Can you use checks with your checking account?
Yes
How many months should you save for in an emergency fund?
3-6 months
What is interest
A fee charged when borrowing money
Do you have to pay credit cards back?
Yes
List two examples of a want
IPhone, Clothing Spree, Video Games, etc.
Where can you open a checking account?
A bank or credit union
What is an emergency fund?
A fund used for emergencies like ER visits or Vet visits
What is principle
The original amount of the loan amount before fees
Where does money from a check come from?
List two examples of a need
Food, Clothing, Shelter
What should you use a checking account for?
Day to day expenses
What should you use a savings account for?
To save for emergencies
What is term
The length of time to pay off the loan
Where does money on your debit card come from?
A checking account
What is the definition of a want?
Anything that is desired and is NOT required to live
What is the definition of a checking account
A type of bank account that lets you have an unlimited number of transactions
What is the definition of a savings account
A type of bank account that earns interest
What is a credit score?
Where does money from a credit card come from?
What is the definition of a need?
Why is it important to have a budget?
What is definition of a budget
A plan or idea for how much money to spend for given categories for a period of time
Why is it important to have a high credit score?
So you can take out loans when needed, like buying a new car or buying a home, and to earn lower interest rates for those loans
How should you write out "39.26" on a check
thirty nine and 26/100