Financial Services/Vocab
This type of account is used for everyday spending and is often connected to a debit card.
What is a checking account?
If there are fewer customers at a lemonade stand on a rainy day, demand for lemonade will do this.
What is go down?
A person who starts a business by solving a problem is called this.
What is an entrepreneur?
A person earns $3,000 each month and spends $2,400 on bills and other expenses. How much money do they have left?
What is $600?
Putting money into a savings account for future goals is called this.
What is saving?
This loan helps someone buy a car.
What is an auto loan?
When demand is higher than supply, prices usually do this.
What is go up?
Mikaila Ulmer’s business used this ingredient instead of sugar to help save bees.
What is honey?
A person earns $2,500 each month. They want to save 10% of their income. How much should they save?
What is $250?
Buying stocks in hopes they increase in value is called this.
What is investing?
This financial service lets you borrow money for purchases and build your credit score if used responsibly.
What is a credit card?
Flooding destroys orange crops, so stores receive fewer oranges. The supply of oranges does what?
What is go down?
The people most likely to buy your product are called your what?
What is your target customer?
A person has $400 left after paying for all of their needs. They want to pay an extra $150 toward a loan each month. After making that payment, how much money will they still have left?
What is $250?
This type of interest is earned only on the original amount of money.
What is simple interest?
This retirement account is offered through an employer, and the employer may match contributions.
What is a 401(k)?
Three new theaters open and all want to hire performers. Competition for workers does what?
What is go up?
If it costs you $4 to make an item and you sell it for $10, how much profit do you make?
What is $6?
A person earns $2,000 each month. They spend $300 on food, $100 on gas, $200 on savings, and $900 on rent. How much money is left?
What is $500?
This type of interest is called “interest on interest.”
What is compound interest?
Pedro has money he will not need for a while and wants to earn more interest than a savings account. Which financial service should he choose?
What is a CD or Share Certificate?
A concert is almost sold out the day before the show. Demand is high and supply is low. What will most likely happen to ticket prices?
What is ticket price will increase?
If you charge $15 for your product and 5 people buy it, how much money will you make?
What is $75?
A person has $1,200 left after paying all of their bills. They are considering an apartment that costs $1,000 per month. They also want to save $150 each month for emergencies and spend $100 on gas. Can they afford the apartment and still have money left over?
What is no?
A $200 deposit earning 3% compound interest for 5 years earns more than simple interest by about this amount.
What is about $1.84 more?