Values/Wants/Needs
Checking Account
Savings Account
Bank Terms
Fun Facts!!
100
What are considered values?
Something that is desirable and important
Influenced by family, friends, teachers, coaches, television, and movies
100
What is a checking account?
A checking account is an account that can be used for day to day money transactions.
Make deposits, transactions, pay bills, etc.
100
What is a savings account?
Savings- portion of current income that you put away.
Methods of saving include putting money aside (Saving for vacation, retirement, investments)
100
What is a bank statement?
Document that is issued once a month.
Shows how much cash you have, your transactions, what you've spend money on.
100
What is Ms. A's middle name?
Elizabeth!!
200
What is an example of a "need"
shelter, water, food, air.
200
Why should you open up a checking account?
Keep your money safe
You can get cash from an ATM
Paying bills is easier (automatic or online)
There is a paper trail
There are no transaction limits
Manage/ Keep track of money
200
Why is saving important?
Financial emergency.
Saving money can help you pay for large purchases, avoid debt, reduce your financial stress, leave a financial legacy, and provide you with a greater sense of financial freedom
200
Overdraft Fees
When you don't have enough cash in your account to cover a payment you've made.
200
How many people live in brazil?
More or Less than
200 million.
MORE!!
212,559,417
300
What is the difference between a "need" and a "want".
Want: something unnecessary but desired.
Need: something necessary/required for life
300
What are 3 ways to access your Checking Account?
Write checks
Make purchases with a debit card
Take money out with a debit/ATM card
Pay bills or set up recurring payments.
Transfer funds to and from other bank accounts.
300
What is impulse buying?
The buying of goods without planning to do so in advance.
Ex:
Going to the mall to buy a new wine coat- but finding and buying a new pair of shoes you really liked.
300
What are two common bank fees.
Overdraft fee
Monthly service fee
Late Fee
ATM fee
Foreign transaction fee
300
Name one president born in Quincy, MA.
John Adams
John Quincy Adams
400
How do values influence how people spend money and make financial decisions?
If an individual values soccer, they may decide to save money for a world cup game.
If an individual values helping others, they will give money to charities.
400
What is a Free Checking Account?
There is no monthly maintenance fee and/or minimum balance requirements.
Free doesn’t mean no fees: You’ll still be on the hook for any overdraft charges and other fees.
400
What should you save for?
Some things you can save for include…
Emergencies
Retirement
Vacation, Car, or Other Big Purchase
College
House Downpayment
Irregular or Recurring Payments
400
What does "investing" mean
Purchase of assets with the goal of increasing future income or wealth.
400
What month is Ms. A's birthday in?
OCTOBER!
500
How do "needs" and "wants" influence how people spend money?
Everyones needs and wants are different.
For an example, if someone is a professional soccer player- they might NEED new cleats. But if someone wants to learn how to play soccer then might just WANT new cleats.
Someone may want a new PS5, but others who don't like video games will not want a PS5.
500
Interest rates vary greatly by bank – what is the current % range?
Anywhere from 0.01% to 5%
500
Why is having an emergency fund important?
Savings for unplanned expenses or financial emergencies.
car repairs
home repairs
medical bills
losing your job
500
50-30-20 rule
50% of your budget for essentials like rent and food
30% for discretionary spending
20% for savings
500
How many students are in QHS.
1,100-1,200
1,200-1,300
1,400-1,500
1,500-1,600
1,400-1,500
** 1,495!!!!