Something unnecessary but desired or items which increase the quality of living.
What is a want?
Something thought to be a necessity or essential items required for life.
What is a need?
What is an example of a need?
What is an example of a want?
Time bound, Specific, Realistic
Which is an element of a financial goal?
What element is the following financial goal missing? "I will save $150 each month to go on a vacation."
To help manage money and make paying bills more convenient.
What is a checking account's primary purpose?
To keep track of where money is spent.
Why would somebody typically use a checking account?
Check, ATM, Debit Card
Through what methods can checking account funds be accessed?
An electronic computer terminal which offers automated, computerized banking.
What is an automated teller's machine (ATM)?
Report it immediately within two days to be liable for only $50.
What should a consumer do if his/her ATM/debit card gets lost/stolen?
Convenience, safety, security
What benefit is provided by depository institutions?
Checking accounts, investment opportunities, financial counseling.
Which of the following service is offered by depository institutions?
Insure federally charted commercial banks against loss.
What is the purpose of the Federal Deposit Insurance Corporation (FDIC)?
Which of the following is a fixed expense?
Which of the following is a flexible expense?
What is it called when an individual has more income than expenses?
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
Savings should account for approximately how much of an individual's income?
Envelope system, spending plan template, check register system.
Which of the following is a control method for spending plans?
A statement listing and summarizing all monetary transactions during a specific period of time.
What is a balance sheet?
A statement for the future to assist in money management.
What is a spending plan?
According to the Consumer Expenditure Survey, whyat expenditures takes the largestportion on one's income?
Transportation and Food
According to the Consumer Expenditure Survey, what expenditures take the second and third largest portion on one's income?