Money Basics
What do we call the money people earn from working?
Income
What is a job you do to earn money called?
A job or occupation
What is the best way to save money safely?
Put it in a bank or savings account.
What’s the first step before buying something you want?
Think about if it’s a need or a want.
What do you call something you want to achieve with your money?
A financial goal
What is money that you keep to use later called?
Savings
What’s the term for money people get for doing chores or small jobs?
Allowance
What is the name of a place that keeps your money safe and helps you manage it?
A bank or credit union
Why is comparison shopping important?
It helps you find the best price or value.
What’s the difference between a short-term and long-term goal?
Short-term = soon; long-term = takes months or years.
What is the difference between needs and wants?
Needs are things you must have; wants are things you’d like to have.
What kind of income do people get from working full-time jobs?
Salary or wages
What is interest?
Money earned for keeping your money in a bank account.
What can happen if you buy too many “wants”?
You may not have enough money for “needs.”
What is a checking account used for?
Spending and paying bills.
What does it mean to budget your money?
Planning how to spend and save your money.
What can education and skills do for your income?
They can help you earn more money.
Why is saving a little bit often better than saving a lot once in a while?
It builds a habit and adds up over time.
What is opportunity cost?
The thing you give up when you make a choice.
What is a savings account used for?
Saving money and earning interest.
Why is it important to track your spending?
To make sure you don’t spend more than you earn.
What’s one way you can earn money before you’re old enough to work?
Babysitting, mowing lawns, selling crafts, etc.
What is the term for balancing saving, spending, and sharing money?
Managing money wisely or financial responsibility.
Give an example of a smart money decision for a middle school student.
Saving for something important instead of spending right away.
Why is setting goals important when managing money?
It helps you plan, save, and stay motivated.