Financial Literacy Review for Banzai

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 of these 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.

What is the best way to keep track of where your money goes?

• 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

• Withdrawal

• A gosh-darn pickle.

What is an overdraft fee?

• A fee for maintaining your account.

• A state tax.

• A fee for overspending.

Why does your employer withhold money from you on each paycheck?

• Because she's not a very nice person.

• To pay federal and state taxes.

• To make up hours of work you missed.

• Because you were overpaid last month.

What is an example of a utility cost?

• Your college savings fund.

• Your electric and heating bills.

• Your grocery budget.

• Your cell phone.