Financial Literacy Flashcard

Front

Which of the following is a consequence of overdrawing your checking account? Bounced check fee from the store, Stress from money mismanagement, Overdraft fee from your bank, All of the above

Back

All of the above

Front

Rent is a: Fixed expense, Discretionary Expense, Variable expense, Intermittent expense

Back

Fixed expense

Front

Groceries are a: Fixed expense, Variable expense, Intermittent expense, Discretionary expense

Back

Variable expense

Front

Money that comes in or is earned is called ______________.

Back

Income

Front

When you owe money it is called:

Back

Debt

Front

Money deposited in a financial institution is insured up to: $250,000, $400,000, $500,000, $100,000

Back

$250,000

Front

Which have higher interest rates? Commercial banks, Credit unions

Back

Commercial banks

Front

What is the definition of balanced budget?

Back

Planning or budgeting process where total revenues are equal to or greater than total expenses.

Front

What is the definition of needs?

Back

Something that is required because it is essential or very important.

Front

What does PIN stand for? Options: Personal Identification Number, personal input number, people in neighborhood, person's identity name

Back

Personal Identification Number