Money Management

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 

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 

Every month after my parents pay all of the family’s bills they set aside a little bit of money for the family to do fun things like go to the movies, bowling and even go to amusement parks.
My family uses a _____________

• income 
• debt 
• interest 
• budget 

Which of the following is an example of income?

•  Your paycheck
• interest on a savings account
• birthday money
• These are all examples on income

A __________________ is added to your account.

• Credit
• Debit

A __________________ is subtracted from your account.

• Credit
• Debit

A checking account is

• An account where money can easily be deposited and withdrawn by means of checks or debit cards.
• An interest bearing account where your deposit remains for a set period of time
• A computer that checks your email account
• All of the above choices

It is a good idea to build a budget based on your income.

• True

• False

Reasons for making a budget include

• To have a spending plan

• To have a savings plan

• To keep track of debits and credits

• All of the above