Savings and Checking Accounts
What is a savings account?
an account where money can be saved and interest is added
Is the following a want or need: toys?
want
Is the following a good or a service: firefighter?
service
What is a budget?
a plan for how to spend and save money
What is a checking account?
an account used for daily purchases
Is the following a want or a need: clothing?
need
Is the following a good or service: books?
good
What is a loan?
money that is borrowed from someone that has to be paid back
True or False: Checking accounts can get interest.
False
What is a need?
What is a good?
something that is made to be bought or sold
True or False: You can get a loan from a bank.
True
Why is it better to keep your money in an account rather than at home in your piggy bank?
Your money is safer in a bank.
What is a want?
something you can live without that will make your life easier
What is a service?
a job that people do to help others
True or False: Only adults can make budgets.
False
How many checking and saving accounts can 1 person have?
as many as they want
Please list 2 needs and 2 wants.
Answers may vary
Please list 2 goods and 2 services.
Answers may vary.
When would it be useful to get a loan?
when making a big purchase (house, car, etc)