Banking & Budgeting

Budgeting is crucial to your financial success.

• True
• False

Examples of Fixed Expenses include:

• Mortgage, loans, rent
• Cable, entertainment, food
• Gas, food, phone
• Clothing, gas, food

Fixed or variable expense: Groceries

• Fixed

• Variable

Which of the following might you pay WHEN you sign your lease?

• Finder's fee

• Application fee

• Security deposit

• Renter's insurance

How does the 50/30/20 rule of thumb for budgeting allocate your income?

• 50% Needs, 30% Wants, 20% Savings & Debt Repayment

• 50% Wants, 30% Needs, 20% Savings & Debt Repayment

• 50% Savings & Debt Repayment, 30% Wants, 20% Needs

• 50% Needs, 30% Savings & Debt Repayment, 20% Wants

DEFINE interest.

• Money paid at a rate for money lent, delaying repayment

• Money paid for paying a debt in a timely manner

• Money paid for investment success

• Money paid for investment failure

Because the amount of money I spend on gas depends on the price of gas and how much I use, it is considered a...

• Fixed Expense
• Variable Expense
• Discretionary Expense
• Income

When I use my debit card at the store, the money is automatically taken out of my ______ account.

• Savings
• Checking
• Inflation
• Withdraw

You should keep track of your spending because if you spend more money than you have in your bank account it is considered a _______ and usually will cause a fee.

• Balance
• Withdraw
• Bankruptcy
• Overdraw

Most banks offer an app so you can log in to check how much money has been deposited, spent, and so you know your account _______.

• Withdraw
• Inflation
• Budget
• Balance