Money Basics
This is money in the form of bills and coins.
What is cash?
Work you do for money.
What is a job?
An account that gains interest and allows withdrawals.
What is a savings account?
Things you must have to survive.
What are needs?
You buy lunch every day instead of packing one. Is this more likely a need or a want?
What is a want?
What are taxes?
A long-term work path that may require training or education.
What is a career?
This helps pay for emergencies.
What is insurance?
Things you would like to have but do not need.
What are wants?
You work 5 hours at $12 per hour. This is an example of being paid by ________.
What is wage?
This is the amount you take home after taxes.
Things you are able to do well.
What are skills?
A reason saving money is important.
What is preparing for emergencies/future goals?
Give one example of a need.
Possible answers: food, water, shelter, clothing, safety
Using a credit card responsibly means doing this afterward.
What is paying it back on time?
Money you borrow and promise to pay back later.
What is credit?
This type of pay is usually paid yearly.
What is a salary?
Insurance can help you avoid using all of your ________.
What is savings?
Give one example of a want.
Possible answers: video games, candy, designer shoes, extra toys
You earn money and decide to save part of it instead of spending it all. What skill are you showing?
What is budgeting/saving/smart money management?
Money that must be paid back.
What is debt?
This type of pay is often based on hours worked.
What is a wage?
A plan for how you use your money.
What is a budget?
Why is choosing a career based on your interests and skills important?
Possible answers: You may enjoy your work more, be more successful, or do better at your job.
A family’s car is damaged in a storm. This helps pay for repairs so savings are protected.
What is insurance?