Financial Terms/Definitions
Bank account that gains interest over time while having readily available funds
Savings account
Ways that the government can collect money from its citizens to pay for things that the people need, like schools and roads
Taxes
Chris has $200. He wants to buy a new pair of shoes but is running low on groceries. Should he save the money to get groceries or spend it on the shoes?
Denny wants to raise money for the animal shelter. Denny is going to give $50 of his paycheck to the animal shelter every month. What is this considered as?
A donation
Name 3 financial needs
- Groceries
- Toothbrush & Toothpaste
- Medicine
- Retirement, college, house funds
Bank account that is typically used for daily use and spending
Checking account
Written document that tells one bank to pay the written amount of money to another person/bank
Checks
Jenny wants to get the new Nintendo game which costs $20. When she looked in her bank account, she saw that she has saved $200. Should Jenny spend the money on the new game or save it?
SPEND IT!
A group/organization that raises money and collects canned goods
a charity
how old is money
over 5,000 years old!
A system of money that is issued by a State on a national territory, used by people in that nation, allowing to carry out monetary exchanges
Currency
A financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.
Bank
Jamie is waiting to buy a new set of headphones which are $100. She has enough to buy them but will be out of money if she does. Jamie gets paid next week and will then have $200. Should she spend her money now or save it until she gets paid next week?
SAVE IT!
How can you become successful financially?
Create reasonable goals that are achievable
Name 3 financial wants
- traveling expenses
- concert tickets
- new shoes
- Legos
Money provided, especially by an organization or government, for a particular purpose.
Funding
What are 4 ways you can earn money?
- Allowance
- Job
- lemonade stand
- babysitting
Ben is at the store buying dinner. He brought a $50 bill and dinner only costs $20. Should Ben pay an extra $5 to also get a candy bar or save it and just buy dinner?
SPEND IT!
Raising money for something, someone, or an organization
Fundraising
How many different kinds of money in the world are there?
120
a plan you write down to decide how you'll spend your money each month
Budget
What is the difference between a want and a need?
A want is something you would like to have but is not needed for survival. A need is something you need to have to survive
Riley was invited to go shopping with her friends. Riley wants to say yes but still has to pay the utility bill for her house. Should Riley go shopping and spend her money or save it for the utility bill?
SAVE IT!
Helping out at an event, organization, or for someone
Volunteering
Someone who is no longer living