A financial institution that accepts deposits from the public.
A Bank
What are the benefits of financial literacy?
Less debt, higher net worth, less financial struggle, improved household finances
This is something every spending plan should have.
Ex. In 5 years I will pay off my loan.
Financial Goal
Lauren pays for her book at the bookstore. She uses a card that can only be used at a specific store.
A gift card
What are the school colors of Niles West?
Red, White, Grey, and Black.
Money you borrow from the bank
A Loan
Exchange of money for a good or service.
Transaction
Another word for the money you are making. This can be through work, investing, etc.
Income
Bolin pays for a chocolate bar at the convenience store with cash. The chocolate bar costs $2.50. she is charged with 13% tax. What is the total cost of the chocolate bar?
$2.50 x 0.13 = 0.33
$2.50+0.33 = 2.83
The total cost of the chocolate bar is $2.85.
Who lives in a pineapple under the sea?
Spongebob Squarepants
A card issued by the bank that contains the earnings you make.
Debit Card
Name 2 ways to improve your financial literacy.
Start budgeting, read about finances, take a personal finance class, set financial goals
Aran really wants the new PS5, which costs $500. Aran has $200.00 in his Bank of Walsh. However, he just received a credit card with a $1000 limit. Should Aran use his credit card to buy a PS5? Why or why not?
NO! Aran should not use his credit card because he does not have enough money in his checking account to pay off his credit card bill. He will end up paying interest on the outstanding balance owing on his credit card.
What can be done with your money? (hint - there are 4 ways)
Must list 2 for points*
Spend, Save, Invest, Donate
What do you call a group of giraffes?
A tower.
A document you receive after working or selling something that requests money from another account.
A check.
What taxes are taken out of my gross paycheck in Illinois?
There are 5, list at least 2*
Federal Income Tax, State Income Tax, Local Income Tax, FICA and State Insurance Taxes
What is a good and a service?
Goods are items that are usually (but not always) tangible.
Services are activities provided by other people.
If you make $500 each week and there are 4 weeks in the month, how much do you earn each month? Your expenses are $1300 each month. How much does this leave you for additional spending or to put into savings?
$500 X 4 = $2000
$2000 - $1300= 700
In which movie does a woman dress up as a man to join the army in her father’s place?
Mulan
Name 3 Banking institutions in your neighborhood.
Answers will Vary.
5th/3rd, Bank of America, Capital One, Chase, First Midwest Bank, etc.
What do you need to consider when making a budget? (hint - there are 3 points)
1) How much we earn each week or month (income)
2) What are our expenses are
3) What we need and what we want
What should your credit card balance be by the end of the month?
It should be $0.00 by the end of the month.
Suppose you have $100 dollars in a savings account earning 2% interest a year. After 5 years, how much money would you have?
A. More than $102
B. Exactly $102
C. Less than $102
A. More than $102
$100x.02x5=$10
What is the name of Niles West Mascot?!
Big Red