Money Basics
Money can be used two ways to buy things we want and need. This is called?
What is goods and services
13. ________________ helps us use our money wisely, so that we have enough to pay for what we need first, and then for what we want later.
a. FDIC
b. Saving
c. Planning
d. Saving and Planning
e. All the above
What is D
When the price of an item decreases, the value of your money increases. When the price of an item increases, the value of your money decreases. This is called?
What is The Value of Money
What are two examples of an occupation that receives wages?
What is...ask your teach to confirm answers
Izzie and her brother want to buy their mom a house for Valentine’s Day. Izzie has $100,000 in the bank and her brother has $350,000. Right when they were going to buy the house, the bank failed. How much money do they have TOGETHER to buy the house for their mom?
What is $350,000
What is the definition between wants and needs?
12. _____ is another type of wages rate based on the number of items made or number of tasks completed.
a. Piece rate
b. Exchange of money
c. Wages
d. Both A and C
What is A
10. Just because you have 4 coins, and your family has 2, does not mean you have more money than your friend. This idea is called?
a. The quantity of money
b. The value of money
c. Trading
d. FDIC
What is A
____ is a fee or percentage of money given to a salesperson for his or her services based on selling price of the item.
What is Commission
At Sierra magic show for the neighborhood, the entry fee was 75 cents. There were 16 people in attendance. How much money did Sierra make?
____ is a sum of money placed or kept in a bank account, usually to gain interest.
What is a deposit.
What is the definition of the exchange of money? MUST ANSWER EXACTLY RIGHT!
What is The act of exchanging currency for a good, service, or other currency
_______ refers to all the activities and transactions related to the _________ and ________ of goods and services.
What is Economy;production and distribution
What is the KEY difference between a salary and wage?
Hi. My name is Larry. I am from Rio. I have $550,000 in my account at Madagascar bank. The recession hit hard and all the banks have to close. How much money am I insured by the FDIC to receive?
What is FDIC does not cover a bank outside of the US
The FDIC stands for _____, and can also be referred to as _____
What is The Federal Deposit Insurance Corporation; Insurance
What are the 3 reasons why it is important to save your money in a bank and not at home?
What is, Tracking, Security, Interest
List the 4 reason why it is important to donate money?
What is ...Personal Values, Encouraging others, Reduces paid amount on taxes, Helps others, and Impact on overall community
Last year, Lebron, a professional basketball player, earned $3,173, 387. Serena Williams, a professional tennis player earned $3,276,999. Who earned more money that year, and how much did they earn?
What is Serena Williams; $103,612
Michael earn 1 dollar for every hour he worked at his lemonade stand. He worked there for 3 hours on Friday. He also made pictures that he sold for 50 cents. Michael sold pictures for 7.5 hours on Saturday. Which job makes Michael more money? Which job is more productive and why?
What is Selling pictures; Lemonade Stand because you earn more money at a faster rate
The FDIC is a ____
A). System in place to insure your money is safe.
B). A federal agency that insures U.S banks
C). A federal agency created in case of bank failure
D). A federal agency insuring deposits
E). All the above
What is E
What bank does Ms. Jackson bank at?
What is Commerce Bank
What is Recycling, couponing, extra chores, create and sell, and offer services
Why is it important to understand your likes and dislikes both in school and in your personal life? How can this benefit your financial freedom and stability in the future?
What is an open-ended question
You are on vacation. You win $200 and decide to put it in a local bank. You find another $200 cash. You want to buy a souvenir that cost $350. You just found that the local bank failed and has no money, but they insure up to $100. On top of that, the item you wanted to buy just went to $400. Do you have enough money in the bank plus in cash to buy the item? Explain why?
What is ...No. The item cost $400, but you only have $300 because your bank failed and you were only insured up to $100. $200+$100=$300