Show Me the Money
A financial institution that accepts deposits from the public.
What is a Bank?
Considered the most liquid asset
What is cash?
Setting aside this each month will help with future needs or emergencies
What is savings?
Money you receive for doing work.
What is income/salary/pay?
This economic term describes when prices for goods and services increase over time, causing money to buy less than before.
What is Inflation?
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
What is a Loan?
The money charged for the privilege of borrowing money.
What is interest?
A portion of money paid to the government out of your paycheck to help pay for things like schools, hospitals, roads, and other services that benefit the country.
What is income tax?
An occupation undertaken for a significant time and with opportunity to progress.
What is a career?
This type of expense is essential for basic living, such as housing, food, and utilities
What is a Need?
A bank card that automatically deducts the amount of a purchase from your checking account.
What is a debit card?
Money owed from one person to another person or company
What is Debt
Your score in this area may affect getting a job, renting an apartment or car insurance rates
What is a credit score?
The money you earn at your job before taxes are deducted.
What is gross income?
A plan for earning and spending over a period of time.
(DAILY DOUBLE)
What is a budget?
A card used to make purchases with the agreement that the cardholder will pay back the card issuer for the purchases and any fees and interest
What is a credit card?
Represents a unit of ownership in a corporation
What is a stock?
This is money that goes out of your account to pay for things like food, gas, or subscriptions
What is Expenses?
The money you earn from your job after the taxes are deducted
What is net income?
A type of bank account that allows you to easily deposit and withdraw money for daily transactions
What is a Checking Account?
Those Expenses you must pay from month every month AND stay the same
Ex. Rent; Car Payment; Insurance;
What are Fixed Expenses?
•Expenses that change from month to month
Ex. Dining out, buying for Food, Toiletries-Shampoos, Toothpaste, Body Wash, Toilet Paper
(DAILY DOUBLE)
What are Variable (Flexible) Expenses?
If a popular product suddenly becomes scarce while demand remains high, this economic principle explains why the price will likely rise
What is supply and demand?
Adding money to a financial account such as a checking account or a savings account
What is a Deposit?
A safety net that protects you from unexpected accidents or problems in exchange for a payment.
What is insurance?