Vocabulary
Adding or putting money into an account.
Deposit
You should always spend more money than you have.
FALSE!
What are THREE parts of a check?
Any 3: the payee name (pay to the order of), the account holder's name, the account number, the memo line, the money written out in word form, the money amount in digits, the signature line, the date
Julia makes $100.00 babysitting and $50.00 for household chores each month. What is her total monthly income?
$150.00
What are the 2 things businesses can provide to their customers?
goods and services
Taking money out of an account.
Withdrawal
Interest is always a good thing.
FALSE, interest given to you for an investment is good, but interest you PAY on a loan is bad
Who should know your ATM PIN?
Only you should know your PIN.
David's expenses for each month are $40.00 for his phone, $20.00 for eating at restaurants, and $30.00 for savings. What are his total monthly expenses?
$90.00
When an entrepreneur starts a new business, how can they get the money they need to buy supplies?
take out a loan from a bank or find an investor
A plan for how to save and spend money.
Budget
What type of account do you need if you plan to deposit and withdraw money often?
checking account
Sharon's monthly income is $200.00. How much does she make in 4 months?
$800.00
A building, a cash register, shelves, and refrigerators are examples of which type of resource?
capital resources- human resources are people who are employed and natural resources come from nature
Extra money that you either earn or owe.
Interest
The two parts of a budget are income and outcomes.
FALSE, they are income and expenses
Which type of transaction does NOT need to be recorded in the check register?
cash purchases- deposits, atm withdrawals, debit card purchases, e-payments, and checks all need to be recorded immediately.
Kristopher's income each month is $1999.00. His expenses are $550.00 each month. What are his savings for each month?
$1449.00
Name TWO recurring (happens over and over again) business expenses that must be paid monthly
salaries, rent/mortgage, bills (water, electric, etc), restocking supplies, consumable products, etc.....
An I.O.U. that you pay later.
Credit or loan
Fixed expenses include things like rent.
TRUE, fixed expenses stay the same each month. VARIABLE expenses change from payment to payment
Why is it important to be careful when using credit cards? Explain your answer.
because of interest, if you do not pay it back within the month you will end up paying MORE for your purchase than it costs
Briana saves $20.00 each month to buy a computer. The computer costs $500.00. How many months will it take for her to save enough money?
25
What do you call the money earned by a business after all expenses have been paid?
profit