Vocab
This is a tool used to keep track of how much money is saved and spent.
What is a budget?
This is when you use your money
What is spending?
This is payment in the form of dollar bills and coins.
What is cash?
Sally wants to save up for a new car, so she puts money aside each month from her income to one day purchase a new car.
What is Salley doing here?
What is Budgeting?
True or false
With a credit card, you pay back exactly what you spent for the month.
False
Credit card companies have interest put onto what you spend and you can choose to pay the full amount or do monthly payments.
This is something important or valued given up for something else important
What is a sacrifice?
True or False:
Saving is a quick way of making money
False
Saving is holding onto money and it takes time
This form of payment acts as a request from your bank to pay money to someone else.
What is a check?
Fred wants to get an expensive camera, but does not have the money to buy it. So he uses another payment method to get it and pay it off over time.
Which method is used here?
What is a credit card?
True or false
You need an ID if you are paying with a check somewhere to prove it is your check.
True
Businesses will do this to make sure check fraud is not occuring because unfortunately in the past it has happened many times.
This is money earned from work and investments.
What is income?
This is a great thing to practice when you start making money.
What is budgeting?
This form of payment is a card you get from your bank.
What is a debit card?
For Hunter's birthday, his grandmother gives him something that he can take to the bank to get money from her bank account.
What payment method is used here?
What is a check?
True or false
You can spend more money than you have in your bank account with a debit card.
False
What you can spend is what you have, banks will even charge you if you take out more money than what you have in your account.
This is giving up one thing to get something else
What is a trade-off?
This is when you hold onto your money.
What is saving?
This form of payment is a card that borrows money to make your purchase.
What is a credit card?
While making a budget, Garrison looks at the money he is making to plan out how he will spend it for the next month.
What is Garrison looking at to plan his budget?
What is an income?
True or false
You are not responsible if someone else makes purchases with your credit card.
True
Let the credit card company know about it and you will be good. Credit theft happens to hundreds of thousands of people every year.
This is money paid for the use of someone else's money.
What is interest?
Saving money can lead to the purchase and investment of this.
What is a large expense?
(House, car, new phone, computer, etc.)
True or false
Credit cards are one of the only form of payments where you pay back what you spent.
True
You borrow money from the credit card company and will be charged once a month for your purchases with it.
Grace had some stocks and made money off of them over the course of a year.
What is the money she made off the stocks called?
What is interest?
True or false
You can deposit checks with your phone.
True
Most, if not all, bank apps have a feature where you can do this. You can't deposit the same check over and over though.