Budgeting and Financial Literacy

The lowest or smallest amount of money that can be kept in your bank account without receiving a fee.

• Minimum Balance

• APR

• ATM

• Insufficient Funds

Based on the video...

What are the two ways that you can fix an unbalanced budget?

• Increase income

• Make more money

• Ask an accountant to review your budget

• Decrease expenses

What is a budget?

• A plan that helps you manage your money

• A plan that helps you spend all your money

• A plan that helps you avoid saving money

• A plan that helps you borrow money

What is one way to modify the budget to get closer to the 50/30/20 rule?

• Increase grocery spending

• Get a more expensive car

• Upgrade to a fancier cell phone plan

• Rent a smaller apartment

Why is it important to have a personal budget?

• It helps manage finances, achieve goals, and ensure financial stability.
• It guarantees a luxurious lifestyle.
• It restricts spending on essential items.
• It reduces the need for income sources.

Examples of Fixed Expenses include:

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

Expenditure is .....

• The money you earn

• The money you owe

• The money you spend

• The money you save

Some services offered under full coverage insurance are..

• uninsured coverage

• collision coverage

• comprehensive coverage

The total amount of money that you pay for an insurance policy is known as the...

• premium

• deductible

• co-pay

The out of pocket cost to the insured when a loss occurs is called...

• Premium

• Deductible