Banking
A financial institutions that accepts deposits of money.
Bank
Money that is put into a bank account.
A deposit
If I have 2 quarters and a nickel, how much money do I have?
55 cents
Money that is kept away and not spent is called...
Savings
True or false: car insurance is required in order to drive.
TRUE, you cannot drive without car insurance.
An amount of money that is borrowed, and expected to be paid back later.
A loan
Money that is taken out of a bank account.
A withdrawal
If I have 4 quarters, 2 dimes, and 3 pennies, how much money do I have?
$1.23
What is income?
The amount of money you make or bring in.
This protects you from paying the full amount if something unexpected happens.
Insurance
A card that is connected to your bank account, and as you spend, the money comes directly out of your account.
Debit card
Items we buy can be sorted into 2 categories: _______ and _______.
Wants and needs
If I have $65 in my account, but then I buy a $9 lunch, how much do I have left in my account?
$56
You can keep track of your deposits and withdrawals in a...
Checkbook
When is tax day in the US?
April 15th
Borrowing money to buy something with the understanding that you will pay it back later.
Credit
Are the following expenses or income?
1) Purchasing a new backpack for school (expense or income?)
2) Getting a weekly $35 allowance for doing chores around the house (expense or income?)
3) Buying Domino's pizza for $5.00 for lunch (expense or income?)
1) expense
2) income
3) expense
If I borrow $36 from someone and they charge me $8 interest, how much do I have to pay them back?
$44
This is when you make a financial gain, for example: you sell something for more than you purchased it for.
Profit
A _____ is money paid to the government to pay for things like building schools, roads and bridges.
What is the name of the fee the bank charges you when you borrow money?
Interest
Name 2 types of taxes that are collected in the US.
Income tax, state income tax, sales tax, property tax, social security tax, federal income tax
If I make $300 and am charged 10% for taxes, how much money do I owe in taxes?
$30
What makes a budget balanced?
You make more money than you spend.
Your income is more than your expenses.
What is a recession?
A period of time where the economy goes down.