Money Management

Money Management

Introduction and Vocabulary

Poll

Do you consider yourself to be a spender or a saver of money?

• spender

• saver

Open Ended

Why is it important to know how to manage money?

Vocabulary

terms you need to know so you can be smart about how you use money

Financial Institution 

A company that deals with financial and monetary transactions such as deposits, loans, investments, and currency exchange.

Multiple Choice

What is another word for currency?

• money

• paper

• candy

• bank

Debt

money that is owed or due

Income

the money you earn, bring in, or are given

expense

money that is spent

Multiple Choice

What would happen if your expenses are greater than your income?

• You would be rich

• You would be in debt

• You could loan people money

• You could save more oney

Debit card

a card issued by a bank which allows the individual access to thier own money electronically

Credit card

Issued by a bank OR business to an individual which allows them to make purchases of goods or services on credit. This mode of payment can actually cost you more money due to interest charges. 

"Buy now and pay later" but will charge you interest! 

Multiple Choice

Which card allows you to buy now and pay later?

• debit card

• credit card

Multiple Choice

Which type of card is allowing the individual to spend their OWN money?

• credit card

• debit card

Multiple Choice

Which type of card will charge you interest on purchases?

• credit card

• debit card

interest 

money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

Multiple Choice

True or False? If you borrow money for a purchase and are expected to pay back what you borrowed PLUS interest, the total cost of the purchase will be higher than the pricetag amount?

• true

• false

Budget

A spending plan that will help you to manage your money.  A budget allows you to track and monitor income and expenses. 

Checking Account

A checking account is a deposit account held at a financial institution that allows withdrawals and deposits

Multiple Choice

A financial Institution is also known as what?

• a checking account

• a savings account

• a bank

• a deposit

Savings Account

a bank account that earns interest

Multiple Choice

True or False? Putting your money in a savings account can earn you extra money in the form of interest?

• true

• false

Multiple Choice

If you have a debit card, which type of account would you also need to have at a bank?

• savings account

• checking account

Open Ended

Why do you think it is a good idea to save your money in a savings account at a financial institution?