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