Intro to Money
What does a price describe?
The value of an item or how much it is worth.
What is the main purpose of a budget?
Plan and track spending. Save for emergencies. Achieve goals.
A full-time job is considered how many hours per week?
30-40 hours
What is a step to becoming a smart spender?
Knowing the difference between wants and needs.
Why are credit card are bad?
You can spend without having the money.
Money can also be called what?
Currency, cash.
What are expenses?
Regular expected costs.
What is it called when you earn a specific amount for every hour you work?
Hourly wage
How can coupons help in smart spending?
Consider them money. They reduce the price of an item.
Why does interest matter when borrowing money?
It increases the cost of borrowing.
Bonus question!!!! Double your points if you get both questions correct.
Where does the production of coins happen in the United States?
Can you name the locations?
The Mint.
Philadelphia, Pennsylvania; Denver, Colorado; San Francisco, California; West Point, New York; Fort Knox, Kentucky; Washington, D.C.
What is the difference between a savings and checking account.
Saving account is used to save for future planned expenses.
Checking account is used for daily expenses.
Employees paid a flat amount regardless of how many hours they work.
Salary
When do discounts often occur?
Around holidays.
What is a credit card?
A type of pre-approved loan amount.
What is money made out of?
75% cotton, 25% linen
A way to save when you know you have a large purchase coming up.
Sinking fund
Employers offer perks beyond regular pay. What is it called?
Benefits
Can include: Health Insurance coverage, paid vacation, sick leave, retirement funds.
Buyer's Remorse
Which bill gets counterfeited the most?
$100
Alexandre Hamilton is the face on what dollar bill?
$10
Bonus question!!!! Double your points if you get both questions correct.
The amount of money should you have in an emergency fund as a teen? An adult?
Teen $500
Adult $1,000
What is an entrepreneur?
Someone who starts their own business.
What questions should you ask yourself to avoid impulse buying?
1. Questions about the product.
2. Questions about the seller. Are they reputable.
3. Questions about your budget.
It can hurt relationships if they don't pay you back. Be responsible with your money and encourage them to be also.