Personal Finance Unit 1 Pretest

What is a savings account used for?

• Money you will use to pay bills

• Money you won't withdraw frequently

What do you call a transaction that puts money into your account?

• Deposit

• Withdrawal

How does putting money in a bank account benefit you?

• Protection

• Growth

• Protection and Growth

What is a checking account used for?

• Paying bills

• Making purchases

• Daily spending

• All of the above

Define Principal (in relation to Personal Finance).

• The leader of a school (Mr. Fray)

• The initial money deposited

• A system of beliefs or behaviors

In the Simple Interest Formula, I=prt...what does the p, r, & t stand for?

• profit, return, taxes

• principal, rate, time

• payment, raises, transaction

• payoff, risk, terms

Tags

CCSS.7.RP.A.3

What is your "net pay"?

• The total you earn by working

• The amount you earn after the withholding's have been subtracted

Tags

CCSS.7.RP.A.3

How many months worth of expenses should you have in your Emergency Fund?

• 1 month

• 2 months

• 3 months

• 6 months

What are your assets?

• Owned valuables that hold its value, or increases value, over time

• Debt that is owed or due for a product or service

• Money paid regularly at a particular rate

What are the 3 main core categories to organize your budget plan?

• Checking, Savings, Spending

• Fun, Bills, Savings

• Needs, Wants, Savings