Personal Finances
Circular Flow
Workplace
Types of Payments
Potpourri
100

What type of account is used for every day purchases and used more common? 

Checking Account 

100

What is constantly in motion in a circular flow model? 

Money 
100
Showing up to work on time, being respectful, and being a good team member are examples of.... 

Soft Skills 

100

A type of payment that is for specific stores only

Gift Card 
100

What month is Mr. Laufers baby due? 

November 
200

What type of account is used for larger purchases or emergency situations? 

Savings Account 

200

People exchange money for either... What two things? 

Goods or Services 

200

A _____ is someone who works for a ______. 

A ____ is someone who purchases a good or service, while a _____ is someone who develops or provides the good or service. 

Employee, Employer 

Consumer, Producer 

200

When you use your debit card money comes directly out of your.... 

Checking Account 

200

What is an entrepreneur? 

Someone who creates and runs their own business 

300

What type of machine withdraws money from your account without having to go to the bank?  


What does it stand for? 

ATM (Automated Teller Machine) 
300

BONUS: Mr. Laufer works where over the summer? 

Freehold Township Rec Camp 

300

What is an interview? What is a resume? 

An interview is a conversation that determines if someone is suitable for a job they are applying for

A resume provides information about the potential candidate including education, work experience, and other important information 

300

Venmo, Cash App, Apple pay, and Paypal are examples of what that are usually connected to what type of account/card

Electronic payments that connect to your checking account or debit card 

300

What does it mean if something is a public good or service? 


Provide an example of a public good and a public service 

Paid for by tax dollars 

Public Good: Many

Public Service: Many 

400

What is the name of loan you can get when trying to buy a house? How many years do they typically last (2 answers)

Mortgage (15 or 30 years) 

400

What are the three types of resources business could use when developing their business? 

Provide an example of each. 

Natural Resources 

Capital Resources 

Human Resources 

400

What is the name of the type of payment received that automatically goes to your bank account on the days you get paid for working in a job? 

Direct Deposit 

400

What are the major differences between a credit card and debit card? Provide at least 2! 

Debit cards come directly out of your checking account/cannot spend more than you have 


Credit cards: pay at the end of the month/can lead to debt/ can spend more than you have 

400

What is a bounced check? What happens if this occurs? 

A bounced check is when you do not have enough money in your bank account for the check that you wrote

The person writing and receiving the check get fined 

500

What are two factors that affect someone's credit score? 

Why is it important to have a good credit score? 

Credit card debt/repayment

Loan repayment 

If you have a good credit score  you are more likely to get a loan/better loan from the bank 

500

What is Free Enterprise? Provide an example. 

Free Enterprise is when business have the freedom to make decisions about how their business can sell, advertise, promote their goods or services 

Many examples 

500

What is the difference between gross pay and net pay? Explain 

Gross pay: pay before taxes 

Net pay: Pay after taxes (what you actually take home)

500

What does endorse mean? What type of check do you endorse? Where do you endorse it? Who endorses it?  

Endorse means to sign a paycheck

You sign the back of the paycheck

The person who receives the check 

500

Every paycheck you are taxed. What are two of the four taxes that come out of every paycheck (in most states). Explain them! 

Federal Tax: Goes to the United States Government

State Tax: Goes to State Government

Social Security: Payments for retired citizens

Medicare: Healthcare for 65+