Personal Finances
What type of account is used for every day purchases and used more common?
Checking Account
What is constantly in motion in a circular flow model?
Soft Skills
A type of payment that is for specific stores only
What month is Mr. Laufers baby due?
What type of account is used for larger purchases or emergency situations?
Savings Account
People exchange money for either... What two things?
Goods or Services
A _____ is someone who works for a ______.
A ____ is someone who purchases a good or service, while a _____ is someone who develops or provides the good or service.
Employee, Employer
Consumer, Producer
When you use your debit card money comes directly out of your....
Checking Account
What is an entrepreneur?
Someone who creates and runs their own business
What type of machine withdraws money from your account without having to go to the bank?
What does it stand for?
BONUS: Mr. Laufer works where over the summer?
Freehold Township Rec Camp
What is an interview? What is a resume?
An interview is a conversation that determines if someone is suitable for a job they are applying for
A resume provides information about the potential candidate including education, work experience, and other important information
Venmo, Cash App, Apple pay, and Paypal are examples of what that are usually connected to what type of account/card
Electronic payments that connect to your checking account or debit card
What does it mean if something is a public good or service?
Provide an example of a public good and a public service
Paid for by tax dollars
Public Good: Many
Public Service: Many
What is the name of loan you can get when trying to buy a house? How many years do they typically last (2 answers)
Mortgage (15 or 30 years)
What are the three types of resources business could use when developing their business?
Provide an example of each.
Natural Resources
Capital Resources
Human Resources
What is the name of the type of payment received that automatically goes to your bank account on the days you get paid for working in a job?
Direct Deposit
What are the major differences between a credit card and debit card? Provide at least 2!
Credit cards: pay at the end of the month/can lead to debt/ can spend more than you have
What is a bounced check? What happens if this occurs?
A bounced check is when you do not have enough money in your bank account for the check that you wrote
The person writing and receiving the check get fined
What are two factors that affect someone's credit score?
Why is it important to have a good credit score?
Credit card debt/repayment
Loan repayment
If you have a good credit score you are more likely to get a loan/better loan from the bank
What is Free Enterprise? Provide an example.
Free Enterprise is when business have the freedom to make decisions about how their business can sell, advertise, promote their goods or services
Many examples
What is the difference between gross pay and net pay? Explain
Gross pay: pay before taxes
Net pay: Pay after taxes (what you actually take home)
What does endorse mean? What type of check do you endorse? Where do you endorse it? Who endorses it?
Endorse means to sign a paycheck
You sign the back of the paycheck
The person who receives the check
Every paycheck you are taxed. What are two of the four taxes that come out of every paycheck (in most states). Explain them!
Federal Tax: Goes to the United States Government
State Tax: Goes to State Government
Social Security: Payments for retired citizens
Medicare: Healthcare for 65+