Financial Literacy
What do you call a fee that is charged for borrowing money from the bank?
Interest
What is the word for the place where people live, work, trade, and share?
Community
What are the three types of resources used to produce goods and services?
Human, natural and capital resources
Theo really likes playing the guitar and everyone knows that he has developed an ability for it. What is another word for ability? (Hint: this is what you want to consider along with your interests when looking for a career.)
Another word for ability would be SKILL
What do you call the money that a business earns after they have paid back all their business expenses?
Profit
Before Simon deposits his paycheck at the bank, he must do what on the back of the check? (Need correct terminology)
Endorse it which means to sign the back
Elijah enjoys his right to use public goods and services. How are public goods and services paid for?
What is the word that refers to the idea that people can't have everything they want because some resources are limited?
Scarcity
We discussed four broad categories that all careers fall into. Which ones is missing from the list?
People, Things, Ideas, ____________
Data
Sally sells pies at her local farmers market. Does she sell a good or service?
She sells a good.
Liam deposited $5.00 in the bank. He then wrote a check for $4.00. Where should he record these transactions?
In his money tracker.
Before Sally can vote, she must do what? (Hint: you all had to do this before voting)
What is the word that we use to describe someone who starts their own business/company?
Entrepreneur
What is the term used for skills that all jobs require of their employees? Ex. Being honest, hardworking, loyal, taking initiative
Soft Skills
Where does the money get deducted from when you make a purchase using your debit card?
Your checking or bank account
What is the term used for things owned by all people, for everyone to use, for example, a city park?
Public good or service
Freedom of Speech
What do you fill out to inform an employer that you are interested in working at their company?
Job application
When a new company is getting started, they need money to help pay their employees and initial operating costs. What must a business do/get to start running their business before they have sold anything?
apply/get a Business loan
Shane wants some of his paycheck in cash right now while depositing his check. What must he do that is different than when he doesn't want cash back?
He must enter the amount into the "less cash received" and sign his name on the deposit ticket.
A philanthropist donates their t________, t__________, and t_________. (Hint: the three T's of philanthropy)
Time, treasure, and talent
Free Market Economy or Free Enterprise economy
What is the term that refers to the amount of money you are paid BEFORE taxes are taken account?
________ Pay
Gross Pay
What is another name for a model or sample of a product? (Hint: it is a word that starts with "P" and means the very first one made)
Prototype