Money History
Romans used what language
What was Latin
If you are getting paid in wages, what does that mean?
That you are getting paid at a HOURLY RATE (ex. $15.00 per hour)
Near Money
Bank accounts & savings accounts that can be turned into money/cash very quickly
An economic situation when prices of things go up quickly (ex: gas, groceries, services)
What is INFLATION / HYPER INFLATION
What is/was the Latin word pecus meaning
What is/was CATTLE
Explain what a salary is ?
What is a FIXED RATE - Usually yearly example:
$75,000 per year
What does it mean if one is paid in "Commission"
What is a percentage of something that is sold.
When something raises in value> Ex: Land, 1968 Corvet
What is APPRECIATIN
The use of coins started with what culture/s (3 started at about the same time) 1 correct answer will do
What Lydian, China & Roman
What is Fiat Money
What is money that the/a government says has value & can be used as legal medium of exchange
What is meant by the term "Debt" ?
Something that is owed to someone or some business
When something quickly loses value. Exs: When you buy a brand new car & you drive it off the lot, when after you buy a center pivot it loses some of it's value
What is DEPRECIATION
Tip/s is an acronym for
To Insure Promptness
Name two items that would be considered "Commodities"
What are GRAIN, METALS, LIVESTOCK, LIVESTOCK PRODUCTS
What does a "Surplus" mean?
When there is a lot or extra something, therefore it loses or has little value (such as sand, sometimes farm products) Connected to the "Law of Supply & Demand".
What is a 401 K program for?
What is a RETIREMENT PROGRAM
IRA is an acronym for
What is an INDIVIDUAL RETIREMENT ACCOUNT
What does Store Value mean?
What is something that holds it's value over time. Such as cash, gold & silver coins, money (legal tender) in the bank
What is meant by term "Scarecity"
When there is little or to little of something, therefore in gains in/has value. Such as gold & silver
What is the FICA - why are these monies withheld from a paycheck? (for what TWO government programs-hint retirement).
What is SOCIAL SECURITY & MEDICARE