Teen Living Review Objective 10.03

Expense

• Expense = anything a person spends money on– Rent/house payment– Car – Clothes– Food– Entertainment– Medicine

Financial Budget

• A financial budget is a plan for spending and saving money

Food Budget

• Includes all food consumed by a family• That includes the cost of food purchased at a

grocery store and consumed at home and food consumed away from home (eating out)

Receipt

• A printed or written record of a purchase

Register

• Booklet that comes with checks to record each check amount, date, check number, and the person receiving the check

• Record the amount of each check in the register immediately

Reconciling

• Reconciling a bank statement means making sure that your check register matches your bank statement

Outstanding

• A check that you have written, but has not shown up on your bank statement yet

(the check may or may not have been cashed)

Endorsing

• After receiving a check, you need to sign the back before you can cash or deposit the check into your bank account

Depositing Checks• Sign the back of all checks to be deposited• List and total the checks/cash to be deposited

• Take them to the bank teller or ATM

Using your Parents Credit Card Wisely

• Credit cards should be used in an emergency