Financial Literacy
Name 3 types of financial institutions
Credit Union, Bank, E-Wallets, Savings & Loan
Who endorses the back of a check?
The person receiving the check (Payee)
What is a profit?
The money made by a business after all bills are paid
What is a tax?
Money paid for public services/to the government/irs
Name, address, date of birth, phone, education, experience
What is the difference in a credit card and debit card?
Debit cards take cash from your bank account, you must have the money in the bank to spend it
Credit cards are like a loan, you must pay it back with interest
What is the slip called that you fill out when putting money in your bank account?
What is a producer?
What are things taxes pay for? Give specific examples
public schools, bridges, roads, libraries, public assistance
What is a resume?
A resume highlights your work history and skills or abilities to make an employer want to hire you.
Name 3 services offered by a financial institution
What is the book called where we keep track of spending and the balance in our account?
Transaction Register
What is a consumer?
Someone who buys and uses goods and services
Who do people in the US pay taxes to?
IRS (internal revenue service)
What is the first thing you should do during a job interview?
Shake hands, introduce yourself
What is the difference in a checking account and savings account?
Checking is used for everyday purchases, money is available to use
Savings is used to build up money, not used often, earns interest
What happens if you write a check and there is no money in the bank?
It will not be paid, it will "bounce", and you will be charged extra fees
What does free enterprise mean?
You choose what to buy/where to spend your money
Taxes taken from your paycheck are called ______
Income Taxes
Tell 3 skills you need for any job.
Respectful, Responsible, Team Player, Flexible, etc
Who signs the bottom right corner of a check?
The person writing the check
How do I calculate a percentage of my money, such as, finding taxes or interest?
Multiply the amount of money times the interest/tax rate
If 5% tax on 100- 100x.05=$5
What 3 types of resources are needed to start a business?
Capital, Natural, Human
sales tax
Why is teamwork an important job skill?
Answers will vary. Teacher discretion.