Money Matters
What are two foreign currencies?
Frank, Euro, dollar, dinar
what does the term Liquid Money mean?
available funds now
What is the name of the organization that control the money supply?
The Federal Reserve
What are different things used as forms of money past or present?
Grain, animal skins, animals
What are the different forms of money?
Coins and dollars
What is the advantage of bills vs coins?
Easier to carry and store
Describe a debt?
is money that someone promises to pay you in the future
what are a stocks and shares?
Money that you have paid to own a small part of a business.
What are most young peoples' first experience in storing money?
Piggy Bank, commercial bank
What agency insures your bank accounts?
FDIC
What does FDIC stand for?
Federal Deposit Insurance Corporation
What are three benefits to keeping your money in the bank?
Can track it, safe and secure, can borrow from the bank
What is an interest?
The amount you pay for the loan in addition to your loan for the bank lending the money
what can affect the interest you have to pay back?
Credit score, time to pay back, type of loan
what are three ways to improve your credit score?
Pay your bills on time, stay away from credit cards if possible, try not to take out too many loans, pay your debt ahead of time
What are different ways people choose to store and borrow money?
Crowd Funding, Peer to Peer lending and credit Unions
Describe Crowd Funding?
Presenting an idea or a cause, that people think is a good idea and will assist you in paying for it.
Describe Offsore banking?
Putting your money in another country to avoid taxes
What are three important items to look for in a benefits package?
Paid time off
Paid Medical
dental Insurance
Bonuses
time off
Define supply and demand...
Items that are offered to the public vs those that actually desire to purchase your item
What product can you use to make a purchase that you don't have the funds currently?
credit cards. loans, cash apps
Describe compound interest...
The total amount you owe with the added interest every month
what does it mean to have a debt written off?
If there is no way you can pay back what you owe, the lender may let you pay off part of the debt. They would rather have some than none. Writing off your debt
What are 3 illegal ways to earn money?
Theft, Fraud, Money Laundering, Card Fraud
what are ways to avoid fraud of your money online?
Choose strong passwords, do not share personal info, do not click on links or attachments from people you do not know