Saving and Spending
What is it called when you keep money to use later?
Saving
What are you doing when you exchange money/currency for something you need/want?
You are SPENDING
In order to EARN money you'll need a...
JOB!
Something you MUST have to live/thrive is a...
Need
Where do you put money that you plan to use later in a bank? (hint: type of bank account)
Savings Account
What are PHYSICAL things that people can buy and use called?
Goods
Money earned from your job is called...
a. Cash
b. Income
c. Candy
d. Coin
b. Income
A lemonade stand is an example of what?
A business
What happens when you spend more money than you own?
a. You acquire debt
b. You gain more money
c. You get a new credit card
d. Nothing happens
a. You acquire debt
What are ACTIONS (things we do for other people in exchange for payment) called?
Services
What do we call someone who owns their own business?
a. Owner
b. Entrepreneur
c. Enthusiast
d. Banker
b. Entrepreneur
The LOWEST legal hourly pay for workers is called...
a. Low wage
b. Minimum wage
c. Maximum wage
b. Minimum wage
What is it called when you categorize your money for spending?
a. Loitering
b. Budgeting
c. Stalling
d. Liquidating
b. Budgeting
What do we call someone who buys goods or services?
a. Seller
b. Producer
c. Consumer
d. Owner
c. Consumer
Money that is MANDATORY to be taken out of your paycheck by the government for public services is called...
a. Cancellations
b. Debt
c. Taxes
d. Negatives
c. Taxes
A system of exchanging goods and services is called...
a. An economy
b. A general body
c. An enigma
d. Marxism
a. An economy
What can SOME savings accounts earn over-time?
a. Points
b. Interest
c. Credit
d. Nothing
b. Interest
What do we call the person or company that makes/provides a good or service?
a. Maker
b. Producer
c. Magician
d. Inventor
b. Producer
This document shows an employees earnings and deductions for a specific pay period at their job
a. Pay stub
b. Pay check
c. Pay paper
d. Pay document
a. Pay stub
Who is considered the father of economics? 600 points because this is pretty hard :))
a. George Washington
b. Adam Sandler
c. Adam Smith
d. Andrew Carnegie
c. Adam Smith!!!