Budgeting

Multiple Choice

What are the two categories of expenses mentioned in the budget?

• Needs and Wants

• Income and Savings

• Expenses and Income

• Budget and Expenses

Multiple Choice

What should you keep to determine where your money is going each month?

• A monthly list

• A yearly report

• A spending diary

• A savings account

Multiple Choice

What is the best way to create a budget?

• Split your income in half: save 50% and spend 50%.

• Create minimum savings goals that you must reach before you can buy any "wants."

• Decide a maximum amount that you can spend each week. Spend that amount however you want as long as you don't go over it.

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

Multiple Choice

How can you avoid spending more than what is in your bank account?

• Check your bank statement once a month.

  
  

• Ask your financial institution to notify you when you are close to $0 in your account.

• Keep your own records to compare with your financial institution's records.

• None of the above

Multiple Choice

What are the potential fees associated with using ATMs not linked to your bank?

• $20

• $25

• $30

• $15

Open Ended

Hey there, future financial wizards! 🌟 What exactly is an Emergency Fund? Can you think of some smart reasons to dip into it? And what about some not-so-smart reasons? Share three good reasons and three bad reasons. Let's hear from Angela, Chris, and Jacob!

Multiple Choice

What are the key differences between a Standard Savings Account and a Money Market Account?

• Standard Savings requires a large deposit

• Money Market Account has no withdrawal limits

• Standard Savings allows easy access to money

• Money Market Account earns lower interest

Multiple Choice

What is a Certificate of Deposit (CD)?

• A type of savings account

• A loan from a bank

• A type of investment

• A credit card

Multiple Choice

Jordan has been watching the stock market closely. Over the past several months, stock prices have been climbing steadily, and most investors seem optimistic about future growth.

What kind of market is Jordan observing?

• Bear market

• Stagnant market

• Bull market

• Recession market

Multiple Choice

In retirement plans, what does vesting refer to?

• The need to diversify your investments to avoid major losses in one area

• How long you have to work before employer contributions become yours

• The ability of your money to grow without having to pay tax on the earnings

• Whether the plan is managed by the employer, government or the individual

Multiple Choice

What type of investments generally offer higher returns but also come with increased risk?

• Treasury Bills

• Foreign Investments

• Money Market Securities

• Bank Accounts

Multiple Choice

What is the main difference between an IRA and a 401(k)?

• IRA is set up by an individual

• 401(k) is a government account

• IRA has no tax incentives

• 401(k) is only for self-employed individuals

Multiple Choice

What are the steps to write a check?

• Write the date

• Write the amount

• Write the recipient's name

• All of the above

Multiple Choice

What must you do on the back of a check to cash or deposit it?

• Sign the check

• Write the amount

• Date the check

• Leave it blank

Multiple Choice

What are the steps to balance a checkbook?

• Check # or Code

• Date of Deposit or Withdrawal

• Description of Withdrawal or Deposit

• Amount of Withdrawal

Multiple Choice

What is the purpose of balancing a checkbook?

• To track expenses

• To increase savings

• To avoid overdraft fees

• To manage investments

Multiple Choice

What is the purpose of a budget in financial planning?

• To track expenses

• To increase spending

• To avoid saving

• To limit income