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Banking * Savings * Budgeting Flashcards | StudBud
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Banking * Savings * Budgeting
Banking * Savings * Budgeting
14 terms
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Banking savings and budgeting
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
What is gross income
the money you earn after taxes are taken out
the taxes they take out
the money you earn before taxes are taken out
a plan for spending and saving your money
2
bouncing a check means...
signing your name on the back of a check
not enough money and you wrote a check and bank returns it
you have the funds available in your account
you do not have the funds in your account- nothing happens
3
what is a fixed expense
A cost that occurs regularly and doesn’t vary in amount
A cost determined by personal wants that may be controlled
A cost that occurs regularly but may vary in amount
A cost that you did not plan for
4
what is a variable expense?
a cost you did not plan for
A cost that occurs regularly but may vary in amount
a cost that occurs regularly and is always the same
a cost determined by wants
5
Deposit means,
Putting money in the bank
taking money out of the bank
the amount of money you have in your account
keeping track of your money
6
what is net income
the money you earn before taxes
the money you earn after taxes are taken out
the interest you earn
the money in my savings account
7
When talking about banking, "Balance" means
putting money into the bank
the amount of money in your bank account that's available
money in your bank account that's not available
Taking money out of your account
8
A
benefit
of a savings account is...
Earning a high interest rate
Paying for regular expenses
Earning a small amt of interest on money you are not using
Short term money management
9
What are deductions?
your take home pay, after taxes are taken out
A plan for spending and saving your money
Money taken out of your income for taxes
The money you earn before taxes are taken out
10
Can you get in trouble for writing checks when you don't have the money?
no
yes
11
With compound interest you earn interest on your initial deposit plus on interest you earn
false
true
12
A "withdrawl" at the bank means...
to spend less
putting money in the bank
to spend more
taking money out of your account
13
What is a budget?
A plan for spending and saving your money
The money you earn before taxes are taken out
Your take home pay
Moneytaken out of your income for taxes
14
Simple Interest is
The amount of money I put in to my account
The money that I earn on the money I put in to my account
