Money management 101

WANTS

• are expenses that can go up and down each month.

• describe how you will pay for achieving your personal goals.

• are things you want to achieve.

• are things we desire to buy and go beyond filling survival needs and basic comforts.

DEBIT CARD

• is a convenient way to pay bills if you do not have a checking account.

• is a check issued by a bank against its own funds.

• is a record for keeping track of checks written and deposits made.

• is a bank card that allows the account holder to make purchases and to withdraw cash from an account at an ATM.

CHECKING ACCOUNT

• is a demand deposit that allows you quick and easy access to your money without penalties.

• a bank service directing the bank not to honor a check.

• is a signature or instructions written on the back of a check authorizing a bank to cash or deposit the check.

• a check written with a future date.

BOUNCED CHECK

• may have restrictions and/or penalties for taking out money.

• is money added to a checking or savings account.

• A check returned by the bank because there was not enough money in the account.

• deducts money from an account and electronically transfers it to another party.

ENDORSEMENT

• is a written order to a bank to pay the stated amount to the person or business named from a certain account.

• is a signature or instructions written on the back of a check authorizing a bank to cash or deposit the check.

• is the rate banks are charged to borrow money from the Fed.

• is a discount bond issued by the United States government.

The money that you receive for mowing the lawn, babysitting or making good grades is called__________. 

• income 
• credit 
• debt 
• interest 

Tony borrowed money from the bank to buy a new house. A year later he lost his job and has started to not be able to make his house payments. This problem is known as what? 

• credit 
• budget 
• debt 
• interest 

My cousin wanted to borrow $300 from me. I loaned him the money but I told him that he would have to pay me back $330. The money that was paid back to me on top of the loan is known as_________. 

• credit 
• interest 
• savings 
• debt 

The bank agreed to loan me the money that I needed to start my new business. My ability to borrow this money is known as what? 

• interest 
• budget 
• debt 
• credit 

I have been setting aside $100 a month for my children to have money to go to college. This idea is known as what? 

• savings 
• credit 
• income 
• debt