Types of Money & Payment
Physical paper bills and metal coins used to buy goods and services.
What is Cash?
A machine (Automated Teller Machine) used to deposit or withdraw cash from your bank account.
What is an ATM?
Essential things you MUST have to survive or run a business, like food, shelter, or electricity.
What are Needs?
Physical objects that businesses sell, such as clothing, computers, or snacks.
What are Goods?
A person who takes a risk to start and run their own business.
What is an Entrepreneur?
A plastic card linked directly to your checking account that uses your own money for purchases.
What is a Debit Card?
Adding or putting money INTO your bank account.
What is a Deposit?
Things you would LIKE to have, but do not need for survival, like video games or fancy shoes.
What are Wants?
Actions or work that someone performs for others, such as haircuts, car repairs, or teaching.
What are Services?
All the money an individual receives from a job, business, or investment before expenses are subtracted.
What is Income?
A plastic card that allows you to borrow money from a bank to buy things now and pay later.
What is a Credit Card?
Taking money OUT of your bank account.
What is a Withdrawal?
Expenses that stay the exact same amount every month, such as rent or a monthly subscription.
What are Fixed Expenses?
Actions or work that someone performs for others, such as haircuts, car repairs, or teaching.
What is Revenue?
How much of a product is available (Supply) compared to how much customers want to buy it.
What is Supply and Demand?
Modern payment methods like Apple Pay, Venmo, or Zelle that move money using smartphones or computers.
What are Digital / Electronic Payments?
The total amount of money currently remaining in your bank account.
What is an Account Balance?
Expenses that change in amount from month to month, like grocery bills or entertainment costs.
What are Variable Expenses?
The money a business spends on costs like rent, worker pay, and supplies.
What are Expenses?
When a business spends MORE money than it earns, resulting in a financial loss.
What is a Loss?
The ancient system of trading goods or services directly for other goods or services without using any money.
What is Bartering?
Moving money electronically from one bank account to another.
What is a Bank Transfer?
A plan that helps you track how much money comes in (income) and how much money goes out (expenses).
What is a Budget?
The financial gain a business makes, calculated as Revenue minus Expenses.
What is Profit?
Setting aside a portion of your income today to use for future goals or emergencies.
What is Saving?