Financial Literacy 1
When money is owed to another person.
What is debt?
The money a person makes from their job.
What is income?
If Johnny saved up $5 a month for 5 months, how much money will he have saved?
$25
When you take money out of your bank account.
What is a withdrawal?
The amount of money you get to keep after expenses.
What is profit?
Money a person must pay if they borrow money.
What is interest?
Betty had $320 dollars to spend at the store. She wants to buy a mini fridge for $300. If she can buy it, how much money will she have left over?
$20 left over.
When you put money into your bank account.
What is a deposit?
The ability to borrow money. Takes place between a borrower and a lender.
What is credit?
Money a business needs to spend to operate.
What is expenses?
Steve wanted to buy a new pair of Nike Airforce Dunks. He used credit to buy the shoes from the Nike Store. If he pays $25 a month for 6 months, how much will he pay for his Nikes?
$150
A plan for earning and spending over a period of time.
What is a budget?
Who is on the 10 dollar bill?
Alexander Hamilton
Money taken by the government from an individuals work earnings.
What is income tax?
Find the interest and cost of the item. A new TV is $200 or 6 payments of $35. How much more does the credit price cost than the cash price?
$10
To spend money with the expectation that it will make you more money in the future.
What is investing?
A person who is taking money from another person and is planning to give it back later.
What is a borrower?
Name an animal with stripes.
Tiger, Bengal, etc.
Who is on the 100 dollar bill?
Benjamin Franklin
9 Months
Who is on the quarter?
George Washington