Money Basics
What is the money you earn called?
Income
Is food a need or want?
Need
What does it mean to "save money"?
To set money aside for future use.
What do you call the money you earn from working?
A paycheck or income
What does a debit card do?
Takes money directly from your bank account.
What is the money you spend called?
Expenses
This is something essential for survival and functioning.
Need
What is an example of something you might save for?
College, a phone, vacation, car
Name one type of job a teenager could do.
Babysitting, lawn care, tutoring, dog sitting
What type of card allows you to borrow money but you must pay it back later?
Credit card
What are coins and bills called together?
Currency
Provide me with an example of things that can be both a need and a want.
Friends, Transportation, Clothing, Cellular Device
What is the money you don't spend called?
Savings
What is a career?
A long-term job or profession you work in over time.
When you don't pay your credit card bills you are charged what?
Interest
What is a place where people keep and manage their money?
A bank
This is a desire that improves one's quality of life but is not necessary for survival.
Want
Why should you save money?
To prepare for future goals or emergencies
What is the difference between a job and a career?
A job earns money short-term; a career is a long-term path.
What is the number that indicates how likely you are to repay borrowed money?
Credit score
What is the process of keeping track of where your money goes called?
Budgeting
Why is it important to know the difference between needs and wants?
So you can make smart spending and saving choices.
What's the difference between short-term and long-term savings?
Short-term = soon, long-term = far away
The money deducted from your paycheck is called what?
Taxes
When you first receive a debit card what is the first thing you must do before using it?
Activate the card