Financial Literacy
What is a bank account used for?
To deposit and withdraw money, and to keep track of how much money you have.
What is the circular flow of economic activity?
A model that shows how people and businesses interact in an economy
What is the difference between a job and a career?
A job is a position of employment, while a career is a long-term professional path
What is the role of a CEO in a business?
The CEO leads the company and makes important decisions.
What happens when you write a check with insufficient funds?
The check will bounce, meaning it cannot be processed due to a lack of money in the account.
What does it mean to own private property?
It means you have the right to own and manage your personal belongings
What are soft skills?
Skills like teamwork, time management, and problem-solving that help in the workplace.
Why is customer service important for a business?
Good customer service helps meet customer needs and encourages repeat business.
What is a debit card used for?
To spend money directly from your bank account without cash.
What is scarcity in economics?
There are not enough resources to meet all wants and needs
Why is human capital important?
It helps employees become more valuable to businesses, which can lead to higher income
What is an operating cost?
Expenses a business incurs to run, such as salaries and inventory costs.
How do you earn interest on your money?
By putting money into a savings account where the bank pays you interest.
How does a free enterprise system work?
People and businesses own property and make decisions about what to buy and sell
What are STEM careers?
Careers in fields related to science, technology, engineering, and math
How can effective advertising help a business?
It attracts customers and increases sales.
What are the three types of resources needed to produce goods and services?
Natural, capital, and human
What is the role of taxes in a community?
Taxes help fund services and infrastructure for the community
How does investing in education benefit a worker?
It increases their skills and knowledge, making them more competitive in the job market.
What is a quality business focused on?
Continuous improvement, good customer service, and community involvement.