Make Money in High School
What does SYEP stand for?
Summer Youth Employment Program
Why is a budget important?
Example Response: A budget helps make sure you don't spend more money than you make.
Why is saving money important?
Possible responses:
- In case of emergency.
- For large purchases.
- For college and college expenses.
- For retirement.
An independently-owned and operated enterprise with fewer than 500 employees is called ...
What are two slang words for money?
Example Responses: cash, dough, bucks, moolah, single, grand, bag
How old do you have to be at the start of summer to participate in SYEP?
14
You made $2000 this month! You spent $1000 on rent, $500 on food, $300 on concert tickets to see your favorite artist, $100 on transportation, and $300 on miscellaneous other expenses. Is this a balanced budget? Why or why not?
No! Because your expenses are more than your income.
What is the difference between a checking account and a savings account?
A checking account is for everyday purchases. A savings account is to save for a rainy day or to save for big purchases you wouldn't make everyday.
What is an entrepreneur?
Who is on the one dollar bill?
George Washington
How old do you have to be in order to participate in WLG?
16!
In your budget, "variable" expenses refer to ...
Expenses that change from month to month. An example is food.
Why put your money in a savings account?
Possible responses:
- Safer (insured by the FDIC).
- Makes money in interest.
- The money made in interest helps offset inflation.
What makes a "startup" different from other small businesses?
Why did the US stop producing the penny?
The cost to produce a penny was 3x the cost of the penny itself.
What does WLG stand for?
Work, Learn, Grow
In your budget, "fixed" expenses refer to ...
Expenses that are the same every month. For example, rent is a fixed expense.
What is simple interest?
Extra money you make (usually around 2%-5%) for keeping your money in a savings account. For example, a bank might pay you 5% interest on $100, meaning you make $5 just from keeping your money at the bank.
What is an investor?
Someone who gives money to a small business idea in return for a share of the revenue.
True or False: Every dollar in circulation in the United States is paired with gold in a vault at the US Federal Reserve Bank. That's how our money gets it's value.
FALSE. The US got rid of the "gold standard" in the 1970s. Today, money gets it's value because we as a society agree it is valuable.
What is the name of the additional document you need in order to work in New York State if you are under 18?
Working Papers or Employment Certificate
When making a budget, your _________ should always be more than your expenses.
Income
What is compound interest?
Interest on your interest. If you earn 5% interest on $100, you earn $5. Compound interest means that next time you calculate interest, you earn 5% interest on $105.
What does it mean for a small business to "turn a profit?" The __________ is more than the ___________.
The INCOME is more than the COSTS. In other words, you make money.
Who makes all of the money currently in circulation?
US Federal Reserve