Money Basics
Where do you keep money safe?
A Bank
What is a budget?
A plan for how to use your money.
What is a loan?
Borrowing money that must be paid back
What is your debit card connected to?
Your bank account
What is fraud?
When someone steals money or tricks people to get money
What does it mean to save money?
Keep it for later?
If you earn $10 and spend $7, how much do you have left?
$3
Who do you borrow money from for a loan?
A bank or lender
What is an ATM used for?
Taking money out of your bank account
Should you share your password with strangers?
No
How much money is printed daily?
How much money is destroyed daily?
$541 Million
$150 Million
Why is it important to save part of your Money?
For future need or emergencies
What happens if you don't pay back a loan?
You can owe more money or hurt your credit score
Why should you keep your PIN number secret?
To protect your money
What should you do if someone asks for your bank password online?
Tell a trusted adult and do not share it
What is Interest?
Extra money a bank may pay you for saving money
What are three things you can do with money?
Spend, Save, or Give/Share
What is a credit score?
A number that shows how well someone pays back money they borrow
What is online banking?
Using a phone or computer to manage your bank account
True or False: if an email says "You won a Million dollars!" you should click the link right away.
False
What is the difference between a WANT and a NEED?
Needs are things you must have; Wants are things you would like to have.
If you want a toy that costs $50 and you save $5 each week, how many weeks will it take?
10 Weeks
Name one thing that helps build a good credit score
Paying bills on time, paying back loans, etc.
Why is it smart to check your bank account often?
To make sure the money and purchases are correct
Name one way to protect yourself from scams.
Strong passwords, not sharing information, asking an adult, etc.