Middle School Finance

What is the biggest expense in the average person's budget?

• Food

• Housing

• Healthcare

• Transportation

Which of these is NOT one of the factors that affect your credit score?

• Payment history

• New credit

• Credit mix

• Interest rates

Which of these statements about saving is true?

• You only need to save for your long term goals.

• Saving money consistently each month can help you prepare for the future.

• You can categorize expenses under saving if you get a discount on them.

What is interest?

• The amount you pay for borrowing money, expressed as a percentage.

• The amount you earn for keeping money in a savings account, expressed as a percentage.

• Both of the above.

• Neither of the above.

Which of these is NOT a fee that might be charged on a checking account?

• Excessive withdrawal fee

• Overdraft fee

• Minimum balance fee

• ATM fee

What is an insurance premium?

• The amount your insurance will pay out if you file a claim.

• The amount you have to pay out of pocket before insurance kicks in.

• The amount you pay each month to keep your policy active.

True or false: When employed, your taxes will automatically be taken out of your paycheck.

• True

• False

A plan for spending money is called a ______