Financial Literacy Part 1

What is a good strategy to help you save?

• 1st, spend money on all expenses; put the rest into saving
• Tap into your savings on a regular basis

• Pay yourself first - set aside money for savings each month
• Keep your spending and saving money together in 1 account

Most Americans have an emergency fund and money saved for retirement

• True
• False

What government agency insures your money in a savings account?

• FBI

• CIA

• FDIC

• The President

True or False

Creating a savings account is free

• True

• False

Choose TWO things that a savings account can be used for.

• Emergency visit to the doctor

• ATM

• Making a withdrawal often

• Vacation

This type of bank offers services to the general public and to companies.

(Bank of America, Well Fargo etc.) 

• Investment bank

• Credit union

• Thrift bank

• Commercial bank

A non-profit financial institution that's owned by the people who use its financial products; free; usually through an employer. 

• Thrift bank

• Commercial bank

• Credit union

• Investment bank

A portion of one’s personal income paid to a government including the federal and state.

• Income

• Gross Pay

• Net Pay

• Income tax

Is the total amount you earn before any deductions are subtracted.

• Net Pay

• Gross Pay

• Income

• Taxes

Income amount remaining after all deductions have been taken out of gross pay.

• Net Pay

• Gross Pay

• Income

• Taxes