WealthSubtract whatyou OWE fromwhat you OWN.(Assets - Debt)SimpleTo calculate____ interest,you multiply theinterest rate bythe originalamount.6,000Your monthlytake-home payis $500. Howmuch money doyou earn in 12months?CDAccount withhigh interest ifyou don't needto touch themoney forseveral years.CompoundTo calculate ____interest, you multiplythe interest rate by themost recent year'samount, whichincludes the originalamount and anyinterest alreadyearned.400Your monthly grosspay is $4,000. Youwant to save 10%each month. Howmuch would you savesave in a month?36How long wouldit take for you todouble yourmoney if yourinterest rate was2%?-10You have $500 in yoursavings account. Theannual interest rate is10% (that's high!) butthey charge $5/monthin fees. In 1 year, Howmuch money do yougain or lose in 1 year?Minimumdeposit toopenaccountAside from fees andinterest rates, what isone of the mostimportant factors toconsider whenopening a savingsaccount?PayYourselfFirstAn effective savingstrategy: Deposit acertain percentageof each paycheckdirectly into yoursavings account.InflationA general risein prices andfall in thepurchasingvalue of money12,000Your monthlyexpenses are$2,000. What isthe total amount ofyour expensesover 6 months?Divide 72by interestrateWhat math doyou do to knowhow many yearsit will take todouble yourmoney?Investing_____ is likesaving, buttypically at ahigher rate and forlonger-term so thatyou beat outinflation.AnnuallyWhen a bank sayswhat their interestrate is as apercentage, thattypically means youwill earn that interestover what period oftime? FDICIt's important to makesure the bank insuresyour money even if youare young and onlyhave a small amount $.What is the acronymfor this agency thatcovers up to $250,000per account?20You have a total of$6,000. You buysomething for$1,200. Whatpercentage of yourtotal money didyou spend?50Budgeting 50-30-20 Rule:Whichpercentage isfor the"essentials"?HSAAn accountthat is pre-taxthat you canuse for health-related itemsMMAAn account thatearns interest like asavings account butgives you privilegeslike a checkingaccount (unlimitedtransactions, debitcard, write checks)30Budgeting 50-30-20 Rule:Whichpercentage isfor the "wants"?18To open a savingsaccount, you needto bring a co-signer (adult) ifyou are under theage of __?15You deposit $500into a CD. Yourinterest rate is 1%.How much simpleinterest do youearn in 3 years?IRAA type ofretirementaccountWealthSubtract whatyou OWE fromwhat you OWN.(Assets - Debt)SimpleTo calculate____ interest,you multiply theinterest rate bythe originalamount.6,000Your monthlytake-home payis $500. Howmuch money doyou earn in 12months?CDAccount withhigh interest ifyou don't needto touch themoney forseveral years.CompoundTo calculate ____interest, you multiplythe interest rate by themost recent year'samount, whichincludes the originalamount and anyinterest alreadyearned.400Your monthly grosspay is $4,000. Youwant to save 10%each month. Howmuch would you savesave in a month?36How long wouldit take for you todouble yourmoney if yourinterest rate was2%?-10You have $500 in yoursavings account. Theannual interest rate is10% (that's high!) butthey charge $5/monthin fees. In 1 year, Howmuch money do yougain or lose in 1 year?Minimumdeposit toopenaccountAside from fees andinterest rates, what isone of the mostimportant factors toconsider whenopening a savingsaccount?PayYourselfFirstAn effective savingstrategy: Deposit acertain percentageof each paycheckdirectly into yoursavings account.InflationA general risein prices andfall in thepurchasingvalue of money12,000Your monthlyexpenses are$2,000. What isthe total amount ofyour expensesover 6 months?Divide 72by interestrateWhat math doyou do to knowhow many yearsit will take todouble yourmoney?Investing_____ is likesaving, buttypically at ahigher rate and forlonger-term so thatyou beat outinflation.AnnuallyWhen a bank sayswhat their interestrate is as apercentage, thattypically means youwill earn that interestover what period oftime? FDICIt's important to makesure the bank insuresyour money even if youare young and onlyhave a small amount $.What is the acronymfor this agency thatcovers up to $250,000per account?20You have a total of$6,000. You buysomething for$1,200. Whatpercentage of yourtotal money didyou spend?50Budgeting 50-30-20 Rule:Whichpercentage isfor the"essentials"?HSAAn accountthat is pre-taxthat you canuse for health-related itemsMMAAn account thatearns interest like asavings account butgives you privilegeslike a checkingaccount (unlimitedtransactions, debitcard, write checks)30Budgeting 50-30-20 Rule:Whichpercentage isfor the "wants"?18To open a savingsaccount, you needto bring a co-signer (adult) ifyou are under theage of __?15You deposit $500into a CD. Yourinterest rate is 1%.How much simpleinterest do youearn in 3 years?IRAA type ofretirementaccount

Unit 2 Saving - Test Review - Call List

(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. Subtract what you OWE from what you OWN. (Assets - Debt)
    Wealth
  2. To calculate ____ interest, you multiply the interest rate by the original amount.
    Simple
  3. Your monthly take-home pay is $500. How much money do you earn in 12 months?
    6,000
  4. Account with high interest if you don't need to touch the money for several years.
    CD
  5. To calculate ____ interest, you multiply the interest rate by the most recent year's amount, which includes the original amount and any interest already earned.
    Compound
  6. Your monthly gross pay is $4,000. You want to save 10% each month. How much would you save save in a month?
    400
  7. How long would it take for you to double your money if your interest rate was 2%?
    36
  8. You have $500 in your savings account. The annual interest rate is 10% (that's high!) but they charge $5/month in fees. In 1 year, How much money do you gain or lose in 1 year?
    -10
  9. Aside from fees and interest rates, what is one of the most important factors to consider when opening a savings account?
    Minimum deposit to open account
  10. An effective saving strategy: Deposit a certain percentage of each paycheck directly into your savings account.
    Pay Yourself First
  11. A general rise in prices and fall in the purchasing value of money
    Inflation
  12. Your monthly expenses are $2,000. What is the total amount of your expenses over 6 months?
    12,000
  13. What math do you do to know how many years it will take to double your money?
    Divide 72 by interest rate
  14. _____ is like saving, but typically at a higher rate and for longer-term so that you beat out inflation.
    Investing
  15. When a bank says what their interest rate is as a percentage, that typically means you will earn that interest over what period of time?
    Annually
  16. It's important to make sure the bank insures your money even if you are young and only have a small amount $. What is the acronym for this agency that covers up to $250,000 per account?
    FDIC
  17. You have a total of $6,000. You buy something for $1,200. What percentage of your total money did you spend?
    20
  18. Budgeting 50-30-20 Rule: Which percentage is for the "essentials"?
    50
  19. An account that is pre-tax that you can use for health-related items
    HSA
  20. An account that earns interest like a savings account but gives you privileges like a checking account (unlimited transactions, debit card, write checks)
    MMA
  21. Budgeting 50-30-20 Rule: Which percentage is for the "wants"?
    30
  22. To open a savings account, you need to bring a co-signer (adult) if you are under the age of __?
    18
  23. You deposit $500 into a CD. Your interest rate is 1%. How much simple interest do you earn in 3 years?
    15
  24. A type of retirement account
    IRA