Finance Vocab
A plan for how to spend and save your money.
Budget
What is tipping, and why is it important?
Tipping is giving extra money for services as appreciation, supporting service workers who rely on tips.
What are the two main components of a budget?
Income and expenses
What is an important step to save money at the grocery store?
A. Go shopping when you're hungry
B. Plan meals for the week before shopping
C. Only buy brand-name items
D. Avoid making a list
B. Plan meals for the week before shopping
According to AAA, what was the most popular Thanksgiving travel destination in 2024?
A. Orlando
B. NYC
C. Chicago
A. Orlando
Money you earn from work or other sources
Income
What is a checking vs. savings account?
A checking account is a typical bank account where your debit card is connected to and withdraws funds. A savings account builds up for future usage.
Josh earns $700 a month from his job and $200 a month from dog walking. What is his monthly total income?
$900
What is impulse shopping?
Spontaneous, unplanned purchase made without prior consideration
Do male or female turkeys gobble?
Male!
What is a want vs a need, and give 3 examples of each.
A want is something not necessary to survive. This can be things like video games, candy, stuffed animals, etc.
A need is something necessary to survive. This is things like food, water, shelter, etc.
You had a $45 haircut and want to tip 20%. What is your total bill?
Answer: $54
45 X.2 = 9.00
$45 + $9 tip=54
How do you know whether you are "within budget"?
Your account doesn't go into the negatives, your spending doesn't outweigh your income.
Name 2 pros and 2 cons of online shopping.
Pros: No crowds or lines!, Can do it from pretty much anywhere. Easier to compare prices. Lots of reviews to look at before buying.
Cons: Security risks. People can steal your packages. Can’t try things on/see them before you buy. Sometimes orders arrive wrong or late
How many passengers were on the Mayflower?
(you'll get the point if you're within the range of + or - 20)
102 passengers
Extra money added to prices that goes to the government
Taxes
What is name brand vs generic brand?
A name brand is a well-known product made by a specific company, while a generic (store brand) product is a similar product that is usually less expensive.
How much does Sarah have left if she earns $500, spends $150 on groceries, $80 eating out, and $50 on her phone bill?
$220
What is comparison shopping?
Comparing the price of products or services from different stores before making a purchase.
The goal of comparison shopping is to find the best deal on a product or the best quality of a product in your price range.
According to Macy's, roughly how many people attend the attend the Macy's Thanksgiving Day Parade in New York each year?
A. 500,000
B. 2,500,000
C. 3,500,000
C. 3,500,000!
An agreement that allows you to borrow money to make purchases, which you will pay back later.
What is the difference between a debit vs. credit card?
Debit cards are linked directly to your checking account
Credit cards allow you to borrow money from a bank or financial institution
What are the two main parts of a budget?
Income, and expenses
What is a "trade-off" in shopping?
A. Buying brand-name items instead of generics
B. Giving up one thing to afford or get something else
C. Splurging on items you want but don't need
D. Not sticking to a budget
B. Giving up one thing to afford or get something else
What year did "A Charlie Brown Thanksgiving" first air on TV?
A. 1964
B. 1973
C. 1981
B. 1973