Finance Week Review

Which item could be classified as a NEED?

• Food

• A boat

• Movie ticket

• An xbox

A budget is... (select all that apply)

• Your credit card bill at the end of the month.

• An estimate of income/expenses (spending) for a set period of time.

• The price of your insurance for the year.

• A tool to help manage your money.

Why is creating a budget so important? (Select all that apply)

• It can help you reach your savings goals for what you want or need.

• It can help you make better financial decisions.

• It can help you see your spending habits so you can adjust them to what you want or need.

• It can help you keep track of your neighbor's financial habits.

• It can help you get a better job.

How does a credit card work?

• You load the card with your own money.

• It is unlimited and you don't have to pay it back.

• It is loaned/borrowed money you pay in one large bill at the end of each month.

What may be a penalty for a late credit card bill payment? (Select all that apply)

• Interest added to your future payments

• The teacher gives you silent lunch

• Your credit scores goes down

• Extra money added to your checking account

When you choose to pay only small amounts of your credit card bills, you may end up in debt.

• True

• False

What does the money in your savings account gain over time?

• Interest

• Internet

• Debt

• Nothing

A debit card is paid by or linked to your...

• Pet fish

• Savings account

• Budget

• Checking account

When the bank charges interest on a loan we borrow, we must...

• Pay more money than we borrowed from the bank

• Pay less money than we borrowed from the bank

You are majoring in chemistry and entering your third year of college. You receive money from the federal government through a program that awards financial aid to students majoring in science, technology, engineering and math.

• scholarship

• grant

• work study

• loan