Money Management

Terms and Defintions

100

What is money? 

something that people use to buy a good or pay for a service 

200

What is Budgeting?

Budgeting is planning out what you are going to do with your money. 

300

What are coins? 

Coins are round, hard forms of money

400

What is a digital payment? 

A digital payment is a credit or debit card that you can use through apps on your phone. 

500

What does it mean to pay for a service? 

It means that you pay someone for doing a job or task for you. You pay them for their time. 

What's the Coin?

100

How much money is a penny worth? 

one cent 

200

How much money is a quarter worth?

25 cents 

300

How much money is a nickel worth?

5 cents 

400

How much money is a dime worth?

10 cents 

500

How much money is a half dollar worth?

50 cents 

True or False

100

True or False: Bills are paper money 

True 

200

True or False: Buying an apple from the store is an example of buying a service. 

False. It is an example of a good

Bonus Points (x100): What is one example of a service? 

300

True or False: Setting a Goal is the last step when making a Budget Plan

False. 

It is the 1st step

400

True or False: Is money a social construct?

True

500

True or False: the 50/30/20 rule means that you should pay: 

- 50% of your money to bills 

- 30% of your money to wants

- 20% of your money to savings

True

Miscellaneous

100

If I have 9 pennies, how much money do I have?

9 cents

200

Give an example of something that people used to barter or trade (before money was invented)? 

answers may vary

shells, grain, jewelry, animals, etc. 

300

What is the difference between a credit card and a debit card?

A debit card is money that you already have, and a credit card is money that you are borrowing.

400

Fill in the blank: 

Saving, Spending and ______ are the three choices that you have when budgeting your money. 

Sharing

500

What does it mean when someone says they need to pay their bills? 

What is the word 'bills' referring to in the scenario? 

Paying your bills is when you use your money to pay for things that you need to live comfortably. Before buying the items that you want. 

Bonus Point (x100): What is an example of a bill?

What's the Change?

100

If I have $1 and I buy a packet of fruit snacks for 50 cents, what is my change?

50 cents 

200

If I have $5 and I buy a candy bar for $2, what is my change?

$3

300

If I have $5 and I buy a soda for $1.50, what is my change?

$3.50

400

If I have $15 and my lunch costs $11.75, what is my change?

$3.25

500

If I have $750 and I pay my bills of $432, how much money do I have left? 

$318