Financial Literacy

Define Budget

• A list of things you want.

• A list of things you need.

• A total of how money will be used for particular purpose.

• The same thing as a savings account.

A debit card is.......

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

• A card that takes money directly from your bank account.

• A card in which you may only make online purchases.

• A card with a specified amount of money.

A credit card is.....

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

• A card that takes money directly from you bank account immediately.

• A card in which you may only make online purchases.

• A card that doesn't have a specific limit.

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.

• A bank account where the depositor can write checks.

• A bank account that can not be touched for a period of time.

A savings account is....

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

• the same thing as a checking account.

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

• an account that can't be touched for a period of time.

______ is a check that is dishonored because of insufficient funds.

• Bad Check

• Cleared Check

• Statement

• Check register

_____ is a check that has been honored and processed.

• Overdraft

• Statement

• Cleared Check

• Check register

_____ is a record book used to keep track of all transactions.

• Overdraft

• Statement

• Check Register

• Cleared Check

_____ is a document published by your bank that details all transactions for the month.

• Overdraft

• Statement

• Cleared Check

• Check Register

Your bank statement arrived. You had a negative balance of -$53.80. After the $307.20 deposit from your paycheck, what is your new account balance?

• 254.40

• 253.40

• 254.20

• 253.20