Family & Consumer Science: 1.03 Quiz --Managing Your Money

A ________ account is a bank account that stores your money until you want it.

You can use money from checking accounts by writing checks or by using an ATM (automated teller machine) or debit card.

• True

• False

Checking accounts allow you to use an ATM/debit card any time you want. That is why they are called:

• Demand accounts are a type of credit account.
• ATM cards can only be used with savings accounts.
• Checking accounts are also known as demand accounts.
• Checking accounts are only for savings.

Checking accounts earn very little or no ​ (a)   and may require a minimum ​ (b)   to avoid ​ (c)   .

• interest
• balance
• fees
• rewards
• deposit
• penalties

You never want to spend more than the balance of your checking account.

• True

• false

Most checking accounts also offer ____ online banking

• free

• debt

• expensive

• taxed

You can access your account through an ​ ​ (a)   by using your ​ (b)   card and ​ (c)   .

• ATM
• debit
• PIN
• Credit
• Password
• Cash

A money plan that includes expected income, spending, and any other financial requirements in a given time period.

• budget
• financial report
• investment strategy
• savings plan

You should include these things in your budget:

• Rent

• Savings

• Insurance

• Food

• Car/transportation

Expenses that are absolutely necessary are called _____ expenses

• Nondiscretionary

• discretionary

• amount

• neat