Intro to Financial Literacy
Things like water, food, and shelter.
What are needs?
When getting a paycheck you always put money towards your financial goals.
What does paying yourself first mean?
An account that is used to spend your own money and keep your money safe.
What is a checking account?
During this era the stock market crashed, banks lost all their money, and people around the world were impoverished.
What is the Great Depression?
This scrubbing sponge shaped like a smiley face became a huge hit thanks to its durability and design.
What is the scrub daddy?
A basic understanding of your own money.
What is financial Literacy?
An account that requires you to keep your money for a designated amount of time for a higher interest rate.
What is a CD?
Looks just like a credit card but you use your own money instead of borrowing money?
What is a debit card?
For profit only.
What is a bank?
When a Shark asks for a percentage of a company in exchange for money.
What is equity?
The way you handle your money, or how skillful you are using financial knowledge.
What is financial capability?
This account is a type of savings account where a minimum amount of money must be kept in the account or you will be penalized.
What is a money market account?
Fees that are charged when you use an ATM that is not your oen bank.
What are ATM fees?
Financial Institution that is owned by members. To be a member you must be a part of a groups such as teachers, military, Polish American, healthcare workers.
What is a credit union?
When you have to pay a certain amount for every item sold. Especially used in the music industry to pay artists for albums sold.
What are royalties?
Investing and creating multiple streams of passive income.
What does it mean to be wealthy?
The formula for this P x R x T = I
What is simple interest?
72/I= Time to double your money.
Rule of 72
Insures you up to $250,000. Banks must have it.
What is the FDIC?
A short, persuasive speech about a business idea is called this.
What is a pitch?
Something that you own that produces a cash flow.
What is a cash producing asset?
When you earn interest on interest.
What is compound interest?
When you write checks, use your debit card, or pay a bill with an account that does noit have enough funds.
What are overdraft fees?
These financial institutions specialize in savings accounts and loans for mortgages.
What is a Savings and Loans Associations?
The acronym "CEO" stands for this title.
What is the Chief Executive Officer?