Money & Banking
What is the main purpose of a savings account?
To safely store money while earning a small amount of interest.
What company owns YouTube?
Google (Alphabet Inc.).
What’s the difference between an hourly job and a salaried job?
Hourly jobs pay per hour worked; salaried jobs pay a fixed yearly amount regardless of hours.
What is supply and demand?
Supply is how much of a product is available; demand is how much people want it.
What is globalization?
The process of increased interconnectedness between countries through trade, tech, and culture.
What’s the difference between a credit card and a loan?
A credit card gives access to revolving credit; a loan gives a lump sum to be repaid over time.
What’s a brand and why is it important?
A brand is a company’s identity; it builds recognition, trust, and loyalty.
What does a union do for workers?
It represents workers in negotiations for better pay, benefits, and working conditions.
How does scarcity influence price?
When something is limited and in demand, the price usually goes up.
How do tariffs affect international trade?
They make imported goods more expensive, protecting domestic businesses but possibly raising prices.
What does APR stand for and why does it matter?
Annual Percentage Rate; it shows the yearly cost of borrowing money, including interest and fees.
What does it mean if a company has a monopoly?
It’s the only provider of a product or service, giving it complete market control.
Why is networking important for careers?
It helps people discover job opportunities and get career advice through relationships.
Why might a government place a price ceiling on goods?
To keep essential items affordable during shortages or crises.
What is outsourcing and why do companies do it?
Hiring workers in other countries to lower costs or increase efficiency.
Why do banks charge interest on loans?
To earn profit and cover the risk of lending money.
What is market share?
The percentage of total sales a company holds in a particular industry.
What is a "gig economy" and how does it affect workers?
A labor market with short-term jobs and freelancing; offers flexibility but fewer benefits.
How does consumer behavior influence market trends?
What people buy and prefer influences what businesses produce and how they price products.
How does a strong or weak currency affect imports/exports?
A strong currency makes imports cheaper and exports more expensive; a weak one does the opposite.
How does compound interest grow your money over time?
It earns interest on both the original amount and any previously earned interest, increasing growth over time.
Why do companies invest in brand loyalty programs?
To encourage repeat purchases and build long-term customer relationships.
What are the pros and cons of working remotely?
Pros: flexibility, no commute. Cons: isolation, distractions, and blurred work-life balance.
What is the difference between microeconomics and macroeconomics?
Microeconomics studies individual choices; macroeconomics studies the economy as a whole.
What is a trade deficit and why does it matter?
When a country imports more than it exports; it can lead to borrowing or affect currency value.