Bank Accounts
Budgeting
Money Management
Definitions
Writing Checks
100
Which bank account is your debit card connect to? (Savings or checking)
Checking
100
True or False - a good budget is one that helps you save money
True
100
Who should you trust to have your bank account pin number?
Parents only
100
An expense you know you will have to pay each month and you know exactly how much it will cost each time
Fixed expense
100
Which number represents where you would write the dollar amount (in numerics) on a check?
5
200
Give an example of how you can keep track of how much money you have in your bank account
Ex. Bank statement, bank app, or by visiting an ATM
200
True or False - budgeting means that I can't spend any money and need to save every dollar I earn
False
200
What does deposit mean?
Putting money into your account
(i.e the amount in your bank account increases)
200
An account used for putting your money away so that it can be safe, collect interest, and be used for things like college eduation, a car, or a home
Savings account
200
Where would you sign the check, which number?
*Bonus 100 points for practicing writing your name in script on your whiteboard
7
300
Which type of card can be used at an ATM?
Debit
300
True or False - A good budgeting plan is one that easy for you to stick to and isn't too overwhelming
True
300
What does withdrawal mean?
Taking money out of your bank account
(The amount in your account decreases)
300
An account used for everyday spending, paying bills, and depositing money
Checking account
300
Which number is pointing to the check number
10
400
What should you do if your debit card gets stolen
Cancel it (or freeze it in your app) and report it stolen to the bank
400
Give an example of a method someone might use to help them budget their money
Ex. Apps, pencil and paper, envelopes, etc.
400
What is the main use or purpose of an ATM?
Using your debit card to withdraw money from your account so you can get cash
400
A plan for spending and saving money
A budget
400
What would you put in place of #3?
Who you are writing the check for
500
Name at least one difference between a debit card and a credit card
(500 points for one answer plus an extra 100 points for every additional correct answer)
1. A debit card is attached to your account and the money you have, a credit card is not
2. A debit card can be used on an ATM but a credit card can not
3. A debit card is your money, a credit card is money the bank loans you and you have to pay back at the end of the month
4. It is easy to go into debt with a credit card but a debit card does not allow you to take out more than you have
etc.
500
Give an example of a fixed expense
ex. Car payment, rent, gym membership
500
Which type of banking account earns interest?
Savings
500
An expense that is not recurring and varies in price and frequency
Variable expense
500
How would you write the dollar amount $3,567.00 in expanded (word) form on a check
Three thousand five hundred and sixty-seven dollars