Financial Services and Institutions

What is private property?

• The right to own your on property. You personally own it.

• You share your money with others.

• The government owns and controls all your money.

What is a financial institution?

• Businesses that spend all of your money.

• Businesses that provide money-related services.

• Businesses that help you make extra money.

Organize these options into the right categories - Financial Institutions

Groups:

(a) Bank

,

(b) Credit Union

• Is owned by private investors

• Offers online banking

• Needs of members are more important than profits

• Recieves financial deposits

• Members share something in common

• Controlled as a non-profit business

Organize these options into the right categories - Financial Institutions

Groups:

(a) Savings and Loan

,

(b) Internet Bank

• Allows access to $$ through mobile apps, cell phones, and ATMs

• Focuses on real estate financing

• Making a deposit is like investing in the company

• Has no walk-up teller

• Has no physical buildings

Organize these options into the right categories - Pros and Cons of CASH

Groups:

(a) Pros

,

(b) Cons

• Accepted nearly everywhere

• Easy to use

• Not easy to track

• Cannot be replaced if lost or stolen

• Can only spend what you have

Organize these options into the right categories - Pros and Cons of CHECKS

Groups:

(a) Pros

,

(b) Cons

• Easy to track spending

• A lot to carry (pen and register)

• Not accepted everywhere

• Can safely be mailed

Organize these options into the right categories - Pros and Cons of CREDIT CARDS

Groups:

(a) Pros

,

(b) Cons

• Items can be purchased without having the money

• Possible yearly charge

• Interest charged on unpaid charges

• Can lead to financial difficulties

• Handy for emergencies

Organize these options into the right categories - Pros and Cons of DEBIT CARDS

Groups:

(a) Pros

,

(b) Cons

• Easy to lose

• Must have identification PIN

• Possibility of identity theft

• Funds immediately taken out of account

• Harder to keep track of spending

• Quick and easy to use

• No bills sent to you

Organize these options into the right categories - Pros and Cons EBT

Groups:

(a) Pros

,

(b) Cons

• Limited amount of money

• Rules about what you can spend money on

• Easy to use at grocery store

Organize these options into the right categories - Pros and Cons ELECTRONIC PAYMENT

Groups:

(a) Pros

,

(b) Cons

• Don't require cash, checks, or card

• Not accepted everywhere

• Hard to keep track of

• Transaction happens immedietely

• Danger of identity theft