Financial Literacy

The purpose of a budget is to:

• help you plan how you will spend the money you earn or receive.

• stop you from spending too much money.

• increase the balance of your savings account

• tell you how much you owe the government in taxes

Interest is:

• a charge for lending money to a bank

• the amount owed for borrowing money

• the amount added into your savings when opening a bank account

• a charge for the convenience of accessing money stored in your bank account

Tags

CCSS.7.RP.A.3

Which of the following is a fixed expense?

• Clothing purchases

• Groceries

• Rental payments

• Movie tickets

Which of the following is a variable expense?

• Student loan payments

• Groceries

• Rental payments

• Health insurance

Which of the following can increase your credit card's APR

• Paying the minimum

• Missing a credit card payment

• Paying off the full balance

• Cashing in on rewards points

The regular payment for an insurance policy is called a:

• co-payment

• deductible

• premium

• claim

A payment type that allows your to make purchases using money directly from your checking account. 

• Credit Card
• Debit Card
• Prepaid Card

Money you earn, like money you may get from your birthday or allowance from your parents.

• Income
• Salary
• Wage
• Tuition

An unchanging rate that is locked in when you purchase a loan

• Fixed interest rate

• Variable interest rate

• Locked interest rate

Tags

CCSS.7.RP.A.3

An interest rate on a loan that fluctuates over time due to the market and bank standards.

• Fixed interest rate

• Variable interest rate

• Locked interest rate

Tags

CCSS.7.RP.A.3