Money Basics
What is the most common form of money used for everyday purchases?
Cash
What type of card immediately pulls money from your bank account to complete a purchase?
Debit card
Choosing to buy a luxury item you don't need is considered what type of spending?
A Want
What is it called when you buy a small piece of ownership in a public company?
Stock
What type of bank account is used to store money safely while earning small interest over time?
Saving account
What card allows you to borrow money to pay for purchases now and repay later with interest if unpaid?
Credit card
Paying for things necessary for basic living, like housing and groceries, is considered what?
A Need
A collection of different investments like stocks, bonds, and real estate is called what?
A portfolio
When you borrow money with the agreement to pay it back later, often with interest, what is it called?
Debt
What three-digit number reflects how trustworthy you are when it comes to repaying borrowed money?
Credit card
If you save $25 a week for 8 weeks, how much money will you have saved?
$200
What word describes spreading your money across many different investments to reduce risk?
Diversification
What is the term for the extra money a bank or investment pays you over time in addition to your deposit?
Interest
What is the name of the central bank of the United States that controls monetary policy?
What do we call the habit of regularly setting aside part of your income for future use?
Which country's currency (or the name of the currency itself) is currently considered the main "reserve currency" used for international trade around the world?
U.S. Dollar
What personal financial tool helps you track your income, expenses, and savings goals each month?
A Budget
What happens if you only make the minimum payment on your credit card bill instead of paying the full balance?
You will owe interest and it will take longer to pay off the debt
Before making a big purchase, what smart strategy helps you find the best deal across different stores?
Comparison shopping/Checking other prices at different stores
You believe LeBron James is the GOAT, so you only research articles and stats that support that idea, ignoring anything that might argue against it. What is the name of this psychological bias?
Confirmation bias