Financial Literacy

Which of the following is an advantage a family gets from setting aside money for unplanned expenses as part of their budget?

• It forces them to pay less for essentials such as food and housing.

• It prevents them from going into debt to pay for unplanned expenses.

• It provides extra money if they decide to take an unplanned vacation.

• It prevents them from bankruptcy over a car repair or visit to the vet.

What is one way you can make your money work for you?

• You have to pay interest to the bank every month.

• You can plant your money in a garden.

• Your money sits under your pillow every night.

• Your money can earn interest in a savings account.

Which vocab word means "a plan for where your money will go"?

• wage

• salary

• income

• budget

Which of the following are true statements about creating a budget? MARK ALL THAT APPLY

• A budget allows you to track your expenses.

• A budget allows you to make a plan to save for large purchases in the future.

• Once you create a budget it should not be revised.

• A budget should be based on your expected income.

Everyone makes choices about how to manage his or her money/income from a job. This is also known as what?

• Personal Finance

• Government

• Civics

• Geography

Savings is defined as

• money spent on something

• an amount of money put aside for the future

• something necessary to live

• a plan for how you will use money

Something that is borrowed, often money, which has to be paid back with interest

• deposit

• interest

• loan

• withdraw

A plan that you make to keep track of your money and where it's going

• loan

• debt

• budget

• interest

Amount of money that you owe someone that needs to be paid back

• late fee

• interest

• debt

• savings

A card that allows you to buy now and pay later, BUT it comes with greater risks

• credit card

• debit card