Personal Budgeting

Multiple Choice

Which of the following is NOT a reason why learning to manage money is important for your future?

• It helps you make smart choices that affect your life for years to come.

• It allows you to handle taxes and create a budget.

• It ensures you never have to work a day in your life.

• It teaches you how to use bank accounts wisely.

Open Ended

Why is it important for young people to learn how to manage their money early in life?

Open Ended

Why is it critical to provide accurate information on financial documents such as bank applications, job applications, and tax forms?

Multiple Choice

Which of the following best describes the difference between gross pay and net pay?

• Gross pay is the amount you take home after deductions; net pay is your total earnings before deductions.

• Gross pay is your total earnings before deductions; net pay is the amount you take home after deductions.

• Gross pay and net pay are the same amount.

• Net pay is always higher than gross pay.

Fill in the Blanks

If your gross pay is $200 and your total deductions are $40.30, what is your net pay?

Multiple Select

Which sections are typically found on a pay stub? Select all that apply.

• Gross Pay

• Deductions

• Net Pay

• Credit Score

Open Ended

Explain the main differences between a checking account and a savings account.

Multiple Choice

To open a bank account, you typically need to provide personal identification, proof of address, and an initial deposit. What is one additional item you may need to provide?

• Credit card

• Social Security Number

• Birth certificate

• Employment letter

Multiple Choice

What is one way to keep track of your bank account balance?

• Use a mobile app or check register

• Wait for the bank to notify you

• Ignore your account activity

• Only check your balance at the end of the year

Multiple Select

Which of the following are common banking fees you should try to avoid?

• Overdraft Fee

• Monthly Maintenance Fee

• Out-of-Network ATM Fee

• Interest Earned

Multiple Choice

Which of the following actions can help you avoid expensive bank fees when maintaining your bank account?

• Tracking your balance regularly

• Making frequent withdrawals without checking your balance

• Ignoring overdraft warnings

• Using out-of-network ATMs

Fill in the Blanks

Reconciling your account means comparing your own records with the bank's official

statement.

Open Ended

List two reasons why reconciling your bank statement each month is important.

Open Ended

Why is it dangerous to spend more money than you have in your checking account?

Open Ended

Exit Ticket: KWL

Write down:
What I Know

What I Want to know

What I Learned

Multiple Choice

Which banking service offers the advantage of personal help and can handle complex tasks?

• Mobile/Online Banking

• ATMs

• In-Person Teller

• Online-Only Banks

Multiple Choice

Compare the pros and cons of Big National Banks, Credit Unions, and Online-Only Banks. Which type of bank would be best for someone who values low fees and high interest rates on savings?

• Big National Banks

• Credit Unions

• Online-Only Banks

• In-Person Teller

Open Ended

Explain the difference between saving and investing, and why investing is considered important for long-term financial growth.

Fill in the Blanks

Fill in the blank: Compound interest is powerful because your interest starts earning its own

.

Multiple Select

Which of the following steps are important when developing a personal investment plan?

• Set a goal

• Determine your timeline

• Assess your risk tolerance

• Ignore market changes

Open Ended

Why do we pay taxes, and what are some things taxes help pay for in society?

Multiple Choice

Which tax form do you use to report your total gross pay and taxes already paid for the year?

• W-2

• 1040

• 1099

• W-4

Fill in the Blanks

Scenario 4: The Super Saver has a net pay of $

per month.

Open Ended

Explain how you would create a realistic monthly budget if you were assigned the scenario of 'The Musician.' What steps would you take and what factors would you consider?

Open Ended

What questions do you still have about managing money or planning for your financial future?

Multiple Choice

Reflecting on what you learned today, which of the following skills do you think will be most important for your financial future?

• Earning and managing a paycheck

• Using bank accounts wisely

• Making your money grow

• Handling taxes