Money Basics
This replaced the barter system.
What is money?
The ability to borrow money now and pay it back later is known as this.
What is credit?
This a financial document reporting assets, liabilities and equity at a specific time.
What is a balance sheet?
This term refers to trading goods or services without using money.
What is bartering?
This tool helps in planning how income will be spent and saved.
What is a budget?
These are round, flat pieces of metal money issued and stamped by a government, standardized in weight, and used as a legal tender.
What are coins?
This type of loan is typically used for borrowers urgently needing cash.
What is a short-term loan?
This document shows income and expenses over time.
This is a card that pulls money directly from your bank account.
What is a debit card?
This function of money allows people to compare the value of goods and services, like saying one item costs $5 and another costs $10.
What is unit of measurement?
This type of physical currency is made from cotton and linen, often features images of national symbols or leaders, and is used in everyday transactions.
What is paper money?
This type of loan is usually repaid over more than five years and is commonly used for large expenses like homes or college tuition.
What is a long-term loan?
This financial document shows the movement of money in and out of an account.
What is a cashflow statement?
This is a card that borrows money to pay later.
What is a credit card?
This function of money allows you to save it now and use it in the future, knowing it will still have purchasing power.
What is store of value?
This form of money is digital, decentralized, and not backed by a government.
What is cryptocurrency?
This type of loan typically lasts from 1 to 5 years and is often used for things like buying a car or starting a small business.
What is an intermediate-term loan?
This shows a record of your borrowing and repayment history.
What is a credit report?
What does EFT stand for?
What is "Electronic Funds Transfer"?
This function of money means it can be used to buy goods and services instead of trading items directly.
What is medium of exchange?
This agency makes coins and paper money for the United States.
What is the Bureau of Engraving and Printing?
This number shows your creditworthiness; the higher the number, the better it is for you!
What is a credit score?
Equifax, Experian and TransUnion are all what type of agencies?
What are credit reporting agencies?
This is a slip of paper that allows users to make purchases using funds in their bank account.
What is a personal check?
This type of account is used to grow wealth over time by purchasing assets like stocks or bonds, with the goal of earning a profit.
What is an investment account?