Money Management

The money that you receive for mowing the lawn, babysitting or getting an allowance is called__________.

• Income

• Credit

• Debt

• Interest

Which of the following is NOT true about the difference between credit cards and debit cards?

• Purchases made with a debit card come directly out of your bank account

• You must pay off your credit card bill monthly or there will be penalties

• You must have a bank/checking account to use a debit card

• Credit cards use money from your savings account

The essentials you can't live without are called:

• Wants

• Needs

• Income

• Expenses

If you are buying groceries at the store and want to use the money in your bank account, you should pay with ______

• Cash

• Gift card

• Debit card

• Credit card

What is a good reason to save money?

• To have money to buy things

• To have money put aside for emergencies

• For a future purchase

• All of the above

It's important to spend money on things you need before spending money on things you want:

• True

• False

Which of the following is an example of a need for most people?

• An expensive car

• A big-screen TV

• Designer jeans

• A place to live

The goal of a budget is to SAVE more than you SPEND.

• True

• False

Owing money to another individual or business or the amount of money borrowed

• Budget

• Income

• Debt

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

• True

• False