Financial Literacy

Creating a plan of how your money will be spent is called a...

• Net income

• Budget

• Debit card

• Checking account

Which of these items takes money immediately from your checking account?

• Credit card

• Salary

• Savings account

• Debit card

Putting money into an account is called a...

• Deposit

• Withdrawal

• Debit card

• Credit card

Spending more money than you have available in your checking account is called...

• A deposit

• A budget

• Investing

• An overdraft

Why should you have a checking account?

• It allows you to use a debit card.

• It allows you to write checks.

• It is a safe place to store your money.

• All of the above

What kind of tax do you have to pay when you make a purchase at a store?

• Income tax

• Sales tax

• Inheritance tax

Electric and heating bills would fall into what budget category?

• Rent

• Automobile

• Miscellaneous

• Utilities

If you have reached your spending limit on your credit card, it will get declined if you try to use it.

• True

• False

Owning a car requires you to pay which of the following costs?

• Insurance

• Registration

• Gas

• All of the above

What category in your budget should be used for items such as movies and concerts?

• Entertainment

• Rent

• Utilities

• Automobile