College Prep Final Study Guide: Budgeting and Finance

A financial plan to spend and save money is called a

• budget

• tax

• finance

• income

What is the purpose of keeping track of your expenses?

• To understand what you are spending money on so you can make informed decisions

• To categorize your spending so that you can spend less money on everything

• To be able to save more money.

What is a need?

• Something you must have

• Something you'd like to have

• Something you would like to do

• All of the above

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When making a budget, a person’s needs should come before their wants.

• True

• False

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Of all the choices, which one should you budget for first?

• Groceries

• Entertainment

• Cell Phone Bill

• New Car

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If your monthly totals for your budget are more than your actual monthly income you are considered ______________ budget.

• over

• under

• on

• within

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Taking more money out of your account than is available​ is called?

• Overdraw

• Deposit

• Withdraw

• Balance

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What agency insures banks?

• IRS

• DHS

• FDIC

• FICA

When choosing a bank, what things should you look for? (Check ALL that apply)

• Whether or not it is FDIC insured.

• Any hidden fees or monthly maintenance fees.

• What perks they offer.

• Online banking and ATM options.

• Locations and hours that fit your needs.

What do you call the process of bringing your checkbook register into agreement with the bank statement?

• Withdrawal

• Deposit

• Reconciliation

• Debit