Money Basics
This is the official money used by a country.
Currency
This organization produces U.S. coins.
U.S. Mint
Paying someone to groom your dog.
Service
An item associated with wealth, success, or achievement.
Status symbol
Putting money aside instead of spending it immediately.
Saving
This is the specific value of a bill or coin, such as $20 or 25¢.
Denomination
This organization prints U.S. paper money.
Bureau of Engraving and Printing (BEP)
Buying a new laptop to replace one that no longer works and is required for school.
Need
Buying expensive things mainly to impress others or display wealth.
Conspicuous consumption
This is a specific amount or financial target that someone works toward.
Financial ________
Financial goal
This is the amount printed or shown on a bill or coin.
Face value
This organization helps manage the U.S. money supply and influences interest rates.
Federal Reserve
Buying a second gaming console because a newer version just came out.
Want
These are luxury products that may become more desirable because they are expensive, rare, or exclusive.
Veblen goods
This is a step-by-step strategy that explains how much you will save, how often you will save, and where you will keep the money.
Savings ______
Savings plan
Before money, people could exchange one good or service directly for another using this system.
Bartering
Watermarks, security threads, and color-shifting ink are connected to this organization.
Bureau of Engraving and Printing (BEP)
Purchasing a custom-built bookshelf.
Good or service?
Good
A person owns a luxury watch associated with success, but it was given to them as a graduation gift. What concept best describes the watch?
Status symbol
A family's car suddenly needs a $2,500 major repair. Which type of savings is designed for this kind of expense?
(ER)
Emergency fund
A rare $1,000 bill may sell for much more than $1,000. Why?
It may be rare and collectible, so its collectible value can be greater than its face value.
A commemorative quarter is being produced to honor an important historical event. Which organization would produce it?
U.S. Mint
A family pays a mechanic to repair their car and then buys four new tires. Identify the service and the good.
Service — mechanic’s repair work
Good — tires
Someone buys a limited-edition luxury handbag specifically because its extremely high price and rarity make it more desirable. What concept best fits?
Veblen good
A student keeps one small amount of money for minor unexpected expenses and another larger amount for serious emergencies.
What are the two types of funds?
Rainy day fund and emergency fund