What is Financial Literacy?

What is debt?

• Money that is owed.

• Money that is received.

A mortgage is a loan for...

• a car

• college

• a house

A personal budget lets you know what expenses and income you have so you can make good financial decisions.

• True

• False

A variable expense is one that changes from month to month.

• True

• False

All of the following words mean money you make or earn, EXCEPT which word?

• Wage

• Salary

• Income

• Rent

• Paycheck

What is a check?

• An automated teller machine

• A plastic card that requires a pin number and is attached to your bank account

• A form of savings

• Pre-printed form of payment that is attached to your bank account

Money borrowed from a bank.

• debt

• budget

• loan

• expense

Which is a fixed expense?

• Rent

• Food

• Electric Bill

• Entertainment

Which is true about a personal budget?

• A budget is not helpful.

• A budget does not need to be done every month.

• A budget helps decide how to spend and save your money.

Debt can be good and bad.

• True

• False