Payment Methods
Money in coins. Mostly used to pay for small purchases.
What is Cash?
something you can see and hold. When businesses sell these, they earn money
What are Goods?
Needs - Things we need to purchase in order to survive
What are Needs?
A card given by banks that allows you to borrow money from the bank.
What is Credit?
Activities others do for you that they can earn money for.
What are Services?
Things we want for ourselves but do not need to survive.
What are wants?
a card that has a specific amount of money you can spend from the store the gift card came from.
What is a Gift card?
when we give money to others or businesses for things we need and want.
What is Spending?
Giving money to a charity or business in need of money or helping others.
What is Donating?
a card that allows you to pay for things out of your bank account.
What is a Debit card?
when we keep our money in a savings bank account so we do not spend the money on needs and wants to save for the future.
What is Saving?
When we send money electronically, mostly through email transfers from one person's bank account to another.
What is a Electronic Transfer of Money (ETM)?
A piece of paper with a person's bank information signed by that person that allows another person they give that cheque to take the money out of the bank account.
What is a cheque?
When we spend money in hopes that we would make even more money.
What is Investing?
Purchasing something you can use to make yourself money like making and selling lemonade from the ingredients you bought for a price that will make you more money than what you spent is an example of this.
What is investing?