💳 MONEY BASICS
This is money you receive from working.
What is income?
The money an employee receives for doing a job.
What is pay/wages?
This type of account is commonly used for everyday purchases and paying bills.
What is a checking account?
Before buying something expensive, checking prices at several stores is called doing this.
What is comparison shopping?
When lots of people want to buy the same limited product, this is called high _____.
What is demand?
Money you set aside instead of spending is called this.
What are savings?
This is the amount you earn before taxes and other deductions are taken out.
What is gross pay?
This type of account is designed primarily for keeping money you don't plan to spend immediately.
What is a savings account?
Something you must have, such as basic food and shelter, is called this rather than a want.
What is a need?
The amount of a product available for people to buy is called this.
What is supply?
Rent, food, transportation, and entertainment are all examples of these.
What are expenses?
This is the money you actually take home after taxes and deductions.
What is net pay?
⭐ $300 — DOUBLE JEOPARDY
You have $250 in your bank account. You spend $75 and then deposit $100. Your new balance is this.
What is $275?
You have $50. A hoodie costs $35 and lunch costs $10. This is how much you'll have left.
What is $5?
When prices generally rise over time and your money doesn't buy as much as it used to, this is happening.
What is inflation?
⭐ $400 — DOUBLE JEOPARDY
You earn $500. You spend $150 on clothes, $100 on food, and $50 on entertainment. This is how much you have left.
What is $200?
You work 10 hours at $15 per hour. Your gross pay is this amount.
What is $150?
This card takes money directly from your checking account when you make a purchase.
What is a debit card?
A $100 pair of sneakers is 25% off. This is the sale price before tax.
What is $75?
Only 500 concert tickets are available, but 5,000 people want them. What will likely happen to ticket prices?
What is increase / go up?
This money should be saved for unexpected situations such as a car repair, medical bill, or sudden loss of income.
What is an emergency fund?
Your paycheck says you earned $600 gross, but only $480 was deposited into your account. This amount was taken out for taxes and other deductions.
What is $120?
This is the percentage a bank may pay you for keeping money in a savings account—or charge you when you borrow money.
What is interest/an interest rate?
⭐ $500 — DOUBLE JEOPARDY
You earn $1,000 this month. Your bills total $650, and you want to save $200. This is the most you can spend on everything else without touching your savings.
What is $150?
You have $20 and must choose between going to the movies or buying a new shirt. You choose the movie. The shirt you gave up represents this economic concept.
What is opportunity cost?