All Things Money
What is money?
What is a checking account primarily used for?
Day-to-day transactions.
What is a loan?
A loan is money that you borrow from a bank that you have to pay back.
What does it mean to deposit money?
To deposit money means to put money into your bank account.
What is a bank?
A bank is a place where people keep their money safe.
What is a budget?
A budget is a plan for how you will spend and save your money.
What is a debit card used for?
To pay for purchases directly from a bank checking account.
What is a credit card?
A credit card is a card that lets you borrow money to make purchases, which you pay back later.
What is the term for taking money out of a bank account?
Withdrawal.
Why do people keep money in a bank instead of at home?
People keep money in a bank because it's safer and earns interest.
What is money transfer?
A money transfer is to move money from one person or place to another.
What is an overdraft?
Spending more money than is available in an account.
What is the difference between cash and credit?
Cash is money you have on hand, while credit is borrowed money that you need to pay back later.
What is a check?
A check is a paper you write to pay someone instead of using cash.
What is a bank statement?
A summary of financial transactions over a period.
What would your total be if you had a one dollar bill, five dollar bill, twenty dollar bill, 2 quarter and a dime?
$26.60
Why is saving money better than spending it all at once?
Saving money instead of spending it all at once allows you to build wealth and achieve bigger goals.
Why do banks give out loans?
Banks give out loans so people can buy things like homes, and in return, the bank earns interest.
If you use a check to pay for a service, is that money going to be deposited or withdrawn from your account?
Withdrawn.
What is interest?
Interest is the extra money you earn on your savings or the extra money you pay on loans.
What is a financial goal?
A financial goal is a specific objective you want to achieve with your money. (Like saving for a video game.)
What is a bank account number?
A bank account number is a unique number that identifies your bank account.
What is a credit score?
A number representing creditworthiness.
What is a check hold?
The time it takes for a financial institution to process a check so the funds are available to use.
What does it mean to invest money?
To invest money means to use money to try to make more money, like buying stocks or bonds.