Financial Literacy

A budget is...

• The same thing as a savings account

• A sum of money to be used for a particular purpose

• A list of things you want

A debit card is...

• Like a credit card, but it takes money directly from your checking account

• A card that lets you buy goods and services based on a promise to pay later

• A card which you may only make online purchases with

A credit card is...

• A card that lets you buy goods and services based on a promise to pay later.

• A card that charges monthly interest if the balance is not paid in full.

• Both answers are correct.

A checking account is...

• A sum of money to be used for a particular purpose.

• A share in a corporation that gives you a stake in the company and its profits.

• An account where the depositor can write checks

A savings account is...

• An account where money is stored and returns a low interest rate.

• The same thing as a checking account.

• An account that allows you to borrow money at a rate of interest.

You have $200. How do you keep track of it?

• Budget it by splitting it amongst your current and future expenses.

• Stick it under your bed for safekeeping.

• Put it in your savings account.

• Spend it because YOLO!

What is it called when you spend more than you have?

• Transfer

• Debt

• Withdrawl

• A gosh-darn pickle!

Why open a checking account?

• It's a safe place to store money.

• It lets you use a debit card.

• It makes it easy for you to pay others and for others to pay you.

• All of these are correct.

You're dying to see The Flaming Eyelashes in concert this summer. What's the best way to cop a few tickets?

• Put it on your credit card now and pay later.

• Ask your parents for tickets as a "Thanks for being the best kid ever" present.

• Add "Entertainment" to your budget and allocate some cash there each week.

• Take money from your budget categories until you have enough.

You want to treat your BFF to some sushi. The total comes to $15.41. If you add a 20 percent tip, what's lunch going to cost you?

• $18.49

• $19.00

• $17.43

• $15.41- you don't leave a tip