All Things Money
What is something made of paper or metal that people use to buy things or pay for services?
Money (bills and coins)
What is a checking account primarily used for?
Day-to-day transactions.
What is a loan?
A loan is money that you borrow from a bank that you have to pay back.
What does it mean to deposit money?
To deposit money means to put money into your bank account.
What is a bank?
A bank is a place where people keep their money safe.
What is a plan for how you will spend and save your money?
A budget
What is the card called that can pay for purchases directly from a bank checking account?
A debit card.
What is the card called that lets you borrow money to make purchases, which you pay back later?
A credit card
What is the term for taking money out of a bank account?
Withdrawal.
Why do people keep money in a bank instead of at home?
People keep money in a bank because it's safer and earns interest.
What is a money transfer?
A money transfer is to move money from one person or place to another.
What is an overdraft?
Spending more money than is available in an account.
What is the difference between cash and credit?
Cash is money you have on hand, while credit is borrowed money that you need to pay back later.
What is a check?
A check is a paper you write to pay someone instead of using cash.
What is a summary of financial transactions over a period of time called?
Bank statement
What would your total be if you had a one dollar bill, five dollar bill, twenty dollar bill, 2 quarter and a dime?
$26.60
Why is saving money better than spending it all at once?
Saving money instead of spending it all at once allows you to build wealth and achieve bigger goals.
Why do banks give out loans?
Banks give out loans so people can buy things like homes, and in return, the bank earns interest.
If you use a check to pay for a service, is that money going to be deposited or withdrawn from your account?
Withdrawn.
What is the extra money you earn on your savings or the extra money you pay on loans called.
Interest
What can you set if you have a specific goal to achieve with your money? (Like saving for a video game.)
A Financial Goal
What is a number that is a unique number that identifies a person's money at a bank?
A bank account number.
What is a number representing creditworthiness called?
A credit score
What is the time it takes for a financial institution to process a check so the funds are available to use called?
A check hold
What does it mean to invest money?
To invest money means to use money to try to make more money, like buying stocks or bonds.