BANKING
What is a bank account called that is commonly used to pay for everyday purchases and bills?
Checking account
A pair of shoes costs $80. They're on sale for 10% off. How much money do you save?
$8
What does it mean to have an emergency fund?
Money saved for unexpected expenses or emergencies.
What does it mean to invest your money?
Putting money into something with the goal of IT making more money in the future.
What is a budget?
A plan for how you will spend your money
What is money called that a bank pays you for keeping your money in a savings account?
Interest
You have $100. You want to buy a $75 video game. Sales tax is 10%. Do you have enough money?
Yes !
Why might someone save money instead of spending all of it immediately? Give one reason.
Emergency, future purchase, financial security, goal, etc.
True or false: Investments can go down in value and you can lose money
TRUE
What is a credit score used for?
It helpers lenders/banks evaluate how likely someone is to pay money back
You put $500 into a savings account. In one year, the $500 has earned 10% interest. How much money do you have now?
$550
You see a shirt that was originally $60, marked down to $30.That means the shirt is __% off.
50%
You want to buy a $600 bicycle. You save $50 every month. How many months will it take?
12 months
Why might someone invest money instead of keeping all of it in a savings account?
Investments can usually earn more money over time.
You spend $1,000 using your credit card and eventually have to pay back $1,100. What is the extra $100 called?
Interest
What is an ATM primarily used for? Name two things you can usually do at one.
- withdraw money
- add money
- check balance
You have $1,000. You spend $300 on something you wanted, $200 on something you needed, and save the rest. How much did you save?
$500
Which person is generally in a stronger financial position?
Person A: Has $2,000 saved and is $0 in debt
Person B: Has $4,000 saved but is $7,000 in debt
Person A
You invest $100 into the Apple stocks. It increases by 10%. How much is your investment now worth?
$110
Which of the following can affect your credit score?
A. Paying bills and loans on time
B. How much of your available credit you are using
C. How long you've had credit
D. Applying for new credit
E. All of the above
E. All of the above
You have $800 in your bank account. You spend $275. How much money is left?
Answer: $525
$525
You spend $400 on new clothes and purchase them using your credit card. You make a $300 payment toward your credit card and now owe $110. Why do you owe $110?
Interest
At your bank, a savings account earns 2% interest per year. A CD (Certificate of Deposit) earns 5% interest per year. You can take money out of your savings account whenever you want but cannot take money out of the CD until you are 18. Which account should you use if you are saving for college?
CD
What is a stock?
A piece of a company. Buying a piece of the company can earn you money
You have $500 in your bank account. You spend $125 on clothes and $75 on a video game. How much money do you have left?
A. $200
B. $250
C. $300
D. $350
$300