Personal Financial Literacy: Unit 3
Tammy wants to track her spending in categories. What tool should she use?
budget software
a request for payment from an insurance company
claim
a fraudulent scheme
scam
Tips for spending wisely include _____.
-looking for bargains -avoiding impulse purchases -tracking your spending -using credit cards infrequently
tools you could use to track your expenses
-spreadsheet -Mvelopes -Mint -budget software
Regal Financial Institution specializes in home loans. What type of financial institution is it?
savings and loan
A spreadsheet is _____.
software that allows you to make calculations, organize data, and make comparisons
a request by an account holder for the bank to not pay a specific payment
stop-payment
To balance your checkbook, you should _____.
subtract the withdrawals and add the deposits
A premium is _____.
the amount an individual pays for an insurance policy
To avoid financial risks, you should _____.
-have an emergency fund -know your consumer rights -protect your personal information -become educated and informed -obtain health insurance -keep your money in a safe place -purchase warranties
To be good stewards with God's resources, you should _____.
-spend wisely -organize your financial documents -manage your risks -create a financial plan -learn about services offered at your bank -create a budget
Allen needed to buy new soccer shoes. He stopped by the closest store and bought a pair for $98. Later, he saw an advertisement selling the same shoes for $82. What tip could have helped Allen?
Look for bargains.
What are the numbers at the bottom of the check used for?
These are identification numbers used to identify the bank, your account number, and the check number.
Jason's balance in his checkbook register is $20.60. He receives his bank statement and sees that the balance is $50.60. He notices that a check in the amount of $30 does not appear on the statement. Is the balance in his checkbook register correct?
Yes
a process where banks check your history to make sure you will be responsible
account verification
One reason to create a budget is to know what you can and can't ___________.
afford
An insurance policy is _____.
an agreement to reimburse an individual for a loss that occurs
When you want to open a new bank account, speak to a ______________.
bank teller
A net worth statement, insurance plan, and a budget are all part of a _____.
financial plan
a cost that stays the same from month to month
fixed expense
a form of payment that resembles a check
money order
Mike accidentally wrote a check for more than the balance in his checking account. The bank transferred money from his savings account to his checking account to cover the check. This banking service is _____.
overdraft protection
Luis received his account statement. He needs to make sure the balance in his checkbook register is correct. To reconcile his checkbook, the first thing he should do is _____.
put a checkmark next to all the transactions in the register that appear on the statement
Sara notices that she double-paid her gas bill. What online service should she use?
request a stop-payment
