Taxes
What do taxes help pay for?
This is money collected by the government to pay for public services like roads, schools, and emergency services.
What is the general name of a financial institution that holds money and provides loans?
A bank
What type of "score" can be improved by paying bills on time?
Credit Score
This is putting money into assets with the goal of growing wealth over time.
Investing
What is currency?
Different countries use different forms of this to buy and sell goods.
What is income tax?
This tax is automatically taken out of many employees' paychecks.
What is the term for money borrowed from a bank that must be repaid?
A loan
Banks earn money by charging this on loans. People can also earn money on this in a savings account or by investing. What is the term called?
Interest
Will more or less time of invested money allow the amount of money to increase?
More time allows money in investments to increase
This occurs when prices for goods and services rise over time.
What are property taxes?
These help fund local schools, roads, and city services where property is owned
What is a checking account used for?
This account is designed primarily for everyday spending and transactions.
Consistently missing payments will likely hurt this financial measurement. What is it?
Credit Score
What is growth (or appreciation)?
Investors hope this happens to the value of their investments over time (money increases).
This economic period is often marked by lower spending and slower business activity.
A recession
What is sales tax?
This type of tax is added when you purchase goods and services.
What is a savings account and how is it different than a checking account?
A savings account usually pays interest and is intended for storing money over time.
What is someone's credit score used for?
This number helps lenders judge how likely you are to repay borrowed money.
Shares of ownership in a company are called these.
Stocks
What is one possible cause of inflation?
Demand is high, people have too much money/spending too much money, self-fulfilling prophecy, supply chain issues, higher cost of productions,
What type of tax do people generally pay more of when they make more money?
Income tax
$250,000
What does it mean to have a lower interest rate on a loan and how can you get one?
A higher credit score generally helps you qualify for these lower borrowing costs when it comes to loans.
What is compound interest (or growth) and how can it benefit you?
Starting to invest early is valuable because of this powerful effect of earning money on previous earnings.
What is one possible cause of a recession?
High interest rates, war, pandemic, regular economic cycle, rogue container ship