Vocabulary 1
What is the difference between wants and needs?
Want: video game, new toy, new outfit every weekend, etc.
Need: food, water, shelter, etc.
What does net income mean?
Pay after taxes.
What is a budget and why do we budget?
Track your income and expenses & plan for future spending/save money
What is credit?
A loan.
In the game "Minecraft," players can build and explore in a blocky, 3D world. The main character is called this.
Steve
What is a budget?
Careful plan for spending or saving within a designated period of time.
The ability to understand and manage your money
Financial literacy
How often should you budget?
Once a month.
Name 2 financial institutions.
banks and credit unions
This pop star is known for hits like "Shake It Off" and "Blank Space."
Taylor Swift
What are taxes?
Mandatory payment or charge collection by local, state, and national governments.
What is an expense?
Amount spent to make a purchase or pay bills.
What is one way you can cut back on expenses.
Not eating out everyday, skipping Starbucks/Dunkin, living with a roommate, etc.
An account where funds are kept to save for the future and is interest bearing.
This is the largest ocean on Earth.
Pacific Ocean
What is credit or credit score?
A system of money in general use in a particular country
Currency
Name an example of a short-term goal vs. a long-term goal.
Saving up for a video game vs. savings up for a new house (multiple answers)
If a stranger calls you and asks for personal information like your social security number, date of birth, or account number, what should you do?
Hang up the phone and report any lost cards or information to your bank.
This superhero is known for his shield and is also known as Captain America.
Steve Rogers
What is insurance?
An arrangement by which a company provides protection/compensation for specified loss or damage.
What is interest?
What is the extra expense you have to pay when you purchase a home or car?
Insurance
Name one credit bureaus.
Equifax, Experian, Trans-Union
In the game "Fortnite," players compete to be the last one standing in a battle royale format. The game is set on this type of island.
Battle Royale island?