Vocabulary
Buyers and sellers use this to purchase and sell goods and services.
What is Money?
Utilities such as electricity, water, heating and air conditioning, or internet are examples of this.
What is a NEED?
It will cost Amaya $200 to get her hair and nails done for prom party next week. She has $600 left over from her paycheck after paying for all of her needs this month. She should use this to pay for her hair and nails.
What is a debit card?
People put money in this when they would like to buy something in the future.
What is a savings account?
An employer gives someone this in exchange for their time, talents, and skills.
What is Income?
What is a NEED?
Angel would like to purchase a new laptop for his first year of college. He does not currently have the $800 to pay for it right now, but he will be able to make smaller payments on it for the next few months. He should use this to purchase this laptop.
What is a credit card?
Diamond is saving money so that she is able to go to school to be a doctor. She is making this.
What is an investment?
This part of your income goes to needs and wants.
What is spending?
Taxes paid to the government is an example of this.
What is a NEED?
Cheyenne would like to give her nephew $150 in cash as a gift for his Bar Mitzvah. She should put this into the ATM machine.
What is a debit card?
What are long-term goals?
This is money that you will use for something later.
What is savings?
Barbers, hair stylists, nail techs, and lash techs all provide services that are examples of this.
What are WANTS?
Dwayne is buying a brand new car that costs $55,000. He will most likely need this to help him pay for it.
What is a loan?
This is the biggest difference between saving and investing.
What is risk?
This is a plan that people use to decide how they will spend and/or save their income.
What is a budget?
Going out to eat, wearing clothes or shoes from expensive stores, and having the newest car are all examples of this.
What are WANTS?
Yulia uses her credit card to purchase everyday items such as gasoline and groceries. Although she only used the card to make $100 worth of purchases last month, her bill was $124. The bank charged her this for making a late payment on her credit card.
What is interest?
Janis would like to buy a TV for her bedroom which will cost $440. She is saving $40 a month for TV, and she already has $160 saved up. How much longer until she reaches her goal?
7 months.