Money Management 6

Which of the following is an example of income?

•  Your paycheck
• interest on a savings account
• birthday money
• These are all examples on income

A __________________ is added to your account.

• Credit
• Debit

A __________________ is subtracted from your account.

• Credit
• Debit

A checking account is

• An account where money can easily be deposited and withdrawn by means of checks or debit cards.
• An interest bearing account where your deposit remains for a set period of time
• A computer that checks your email account
• All of the above choices

It is a good idea to build a budget based on your income.

• True

• False

It's important to save for the following reasons:

• To meet long term and short term goals

• To build wealth

• To protect against unexpected crisis (emergency, loss of job)

• All of the above

Reasons for making a budget include

• To have a spending plan

• To have a savings plan

• To keep track of debits and credits

• All of the above

What is the first thing you should do when you get your paycheck.

• Pay yourself first
• Buy new sneakers
• Pay your bills
• Go to the movies

Getting $25 from mowing your neighbor's lawn is an example of:

• Earned Income

• Unearned Income

You can be charged a fee for withdrawing your own money from an ATM.

• True
•  False