Methods of Payment
You owe your friend money and you have no cash on you
Electronic Money Transfer (EMT)
How much money would you save if you stop buying a $2.50 pop every day from vending machines for 1 week?
$17.50
What is an online payment?
When we pay for something online (sometimes we use PayPal)
What is an example of a short-term financial goal?
Finish chores to earn $10 this week
What is an automatic deposit?
When money is automatically sent to our bank account
You are buying a bag of chips that cost $4
Cash
How much money would you save if you stop buying a $1.25 chocolate bar each day for a month (30 days)?
$37.50
What is an Electronic Wallet?
When you pay for something with your phone or watch
What is an example of a long-term goal?
Get a part time job in high school to save up for college
What is trading?
Trading is the exchanging of goods, services and/or money.
You want to buy something for $25 from your bank account right now
Debit Card
How much money would you save if you stop buying a $5.00 lunch twice a week for three months (12 weeks)?
$120
What is Cryptocurrency?
A digital or virtual currency that is very secure
Describe a negative factor that affects our financial goals
Changes in income, changes in expenses, changes in health, changes in priorities, changes in personal and family situations, changes in social factors (social inequalities)
What is a donation?
A donation is when something is given to a charity, an individual, or to help a cause
A piece of paper that is signed by an individual and given to someone else as payment for something
Cheque
How much money would you make if you sold 5 homemade wallets a day at $5 a wallet for 20 days?
$500
What is a Wire Transfer?
When a bank sends a lot of money to another bank
Describe a positive factor that affects our financial goals
Changes in Income, Changes in Expenses, Changes in Priorities, Changes in Health, Changes in Personal and Family Situations, Changes in Social Factors (social inequalities)
What is debt?
Debt is unpaid money that is owed to someone else
You want to buy something expensive right now that you will pay for later
Credit Card
How much money would you make in a whole year if you posted 10 videos on YouTube where each video earns you $3 a day?
$10,950
What is an automatic payment?
When money is automatically taken from our bank account
What are the two types of financial goals?
Spending and Earning goals
What is interest?
Interest is the amount of money earned from an investment or the cost of borrowing based on an interest rate.