Life Scenarios - Flashcardizz

Front

What is the best way to create a budget?

Back

Divide your income into categories and plan how much you’ll spend on each.

Front

How does a debit card work?

Back

It lets you pay with the money in your checking account.

Front

Which of the following is true about credit cards? You can’t use a credit card at most stores., If you don’t pay your balance off in full each month, you’ll accrue interest., Credit cards allow you to access money in your checking account., Charging your credit card is the best way to pay for an unexpected expense.

Back

If you don’t pay your balance off in full each month, you’ll accrue interest.

Front

How do you request that your insurance pay for the lost items after a break-in?

Back

File a claim.

Front

What is the name of the document that comes with your paycheck and shows you what you were paid and how much was taken for taxes?

Back

Paystub.

Front

When moving to a new rental, you’ll likely need to pay a security deposit. How much is this often?

Back

First and last month’s rent.

Front

You got $200 from your grandma for your birthday. What should you do first?

Back

Record it as income in your budget.

Front

What is the name of the document that tells you what you need to pay on your credit card?

Back

Statement.

Front

What happens if you go into debt?

Back

You’ll need to pay back a minimum amount every month, you’ll likely pay more than you borrowed due to interest, and your net worth will be negatively affected.

Front

Back

$500.