The History of Money & Smart Spending (Day 1)
A method of exchange where goods or services are directly traded for other goods or services
What is the Barter System
a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time
What is a credit score?
Buying something just because a celebrity uses it is an example of which consumer trap?
What is celebrity/influencer use?
Money earned with minimal ongoing effort after an initial investment of time or money.
What is passive income
A behavioral science that studies the production, distribution, and consumption of goods and services
What is economics
What is a desire that is not essential for survival or basic functioning?
What is a want
FDIC protects your money up to what?
What is $250,000
“Buy one, get one free” is an example of which trap that makes you buy more than you need?
What is BOGO deals?
Spending money to make more is what?
What is investing
What is the amount of people that want jobs but can’t get one.
What is unemployment
What is the loss of potential gain from other alternatives when one alternative is chosen.
What is Oppurtunity Cost
What is the highest a credit score can get
What is 850?
Buying things releases this 'feel-good' chemical.
What is dopamine
a loan that an investor makes to a borrower, like a corporation or government
What is a bond
What is a general increase in prices and fall in the purchasing value of money.
What is inflation
What is the ability of money to be broken down into smaller units of value without losing its overall worth
What is Divisibility
What is one way that banks make money?
What is:
charging more interest on loans and paying less interest on savings
Investing
This trick makes a product seem cheaper by showing a fake higher original price.
What is anchoring or fake price slashes?
Adding Value. Example: A house becoming more valueable as time goes on.
What is appreciation
What is a period of broad decline in economic activity
What is a reccesion
Could I get it for less, or find something better, is what step of the smart spending checklist?
What is step 5
What is a payment card that allows you to access funds directly from your checking account?
What is a debit card?
“Buy one, get one free” is an example of which trap that makes you buy more than you need?
What is BOGO deals?
What are distributions of a company's earnings to its shareholders.
What are dividend payments
What does GDP stand for?
What is Gross Domestic Product)