PennyDrops Lessons 1-6

The "20" in the 20-30-50 framework represents:

• Wants

• Needs

• Savings

• Investments

The "30" in the 20-30-50 framework represents:

• Wants

• Needs

• Savings

• Investments

The "50" in the 20-30-50 framework represents:

• Wants

• Needs

• Savings

• Investments

If Kelly makes $22.50/ hour, and works a typical 40-hour work week, how much should she put into savings?

If Kelly makes $22.50/ hour, and works a typical 40-hour work week, how much can she spend on her wants?

If Kelly makes $22.50/ hour, and works a typical 40-hour work week, how much can she spend on her needs?

This bank account is used to facilitate everyday purchases:

• Savings

• Chequing

• Purchasing

This card allows you to spend money directly from your bank account:

• Credit

• Debit

• Pre-Paid

What is the primary purpose of a credit card?

• To earn interest

• To borrow money

• To store money

What is one of the ways credit card providers make money from cardholders?