Finlit General
Money you receive from a job, an allowance, or a gift is called this.
What is income?
A business where people can safely keep their money and borrow money.
What is a bank?
A tariff is a type of this, charged on goods that come from other countries.
What is a tax?
A plan for how you will use your money.
What is a budget?
Money set aside for surprises, like a broken phone or a car repair.
What is an emergency fund?
Is a new video game a need or a want?
What is a want?
This type of bank account is used for everyday spending and paying bills.
What is a checking account?
Products a country buys from other countries are called this.
What are imports?
You earn $55 and spend $30. How much do you have left?
What is $25?
You put $100 in savings that pays 5% interest per year. How much interest do you earn in one year?
What is $5?
This money is taken from paychecks and purchases by the government to pay for things like roads and schools.
What are taxes?
This card takes money straight out of your bank account when you buy something.
What is a debit card?
Products a country sells to other countries are called this.
What are exports?
An expense that stays the same every month, like a phone bill, is this kind of expense.
What is a fixed expense?
When you earn interest on your money and also on your past interest, it is called this.
What is compound interest?
You have $20 and must choose between shoes and concert tickets. You pick the tickets. What is your opportunity cost?
What are the shoes?
Putting money into your account is a deposit. Taking money out is called this.
What is a withdrawal?
A T-shirt worth $10 is imported with a 20% tariff. How much is the tariff?
What is $2?
In the 50/30/20 rule, 50% goes to needs and 30% to wants. What is the last 20% for?
What is savings (and paying off debt)?
The extra money you pay a lender for letting you borrow.
What is interest?
When prices rise over time, so the same money buys less, it is called this.
What is inflation?
This U.S. government agency protects the money in your bank account if the bank fails.
What is the FDIC?
Name one reason a country might put tariffs on imports.
What is protecting local businesses, raising money for the government, or pressuring another country? (Accept any one.)
You earn $100 and follow the 50/30/20 rule. How much goes to wants?
What is $30?
This number shows how well a person has paid back money they borrowed.
What is a credit score?