Money: Types Of Money, Basics Of Money And Trade

Question 1

Check

Answer 1

Written way to pay people

Ex:

Question 2

Money

Answer 2

Anything that people are willing to accept in exchange for payment for goods and services

Anything used to buy things

Question 3

Wages

Answer 3

Amount of $ a worker (employee) is paid each hour they work

Question 4

Store Cash Card

Answer 4

Same as store credit card

Kohls card, Target Card etc.

Question 5

Income

Answer 5

Money that you make

• Money coming IN to your home
• This can be from working, selling goods and services, making investments, etc. *

Question 6

Rental Income

Answer 6

Money you make from renting out property (house, apartment, etc.)

Question 7

Profit

Answer 7

The amount of $ an entrepreneur (business) gets to take home after paying for the costs to make and sell the items or services.

Ex: I’m selling lemonade. I made $100 from my sales for the day. It costed me $10 for the cups and the stuff to make the lemonade. At the end of the day my profit is $90 because that’s what I have left over after paying $10 for the supplies.

Question 8

Paycheck

Answer 8

$ you get from working at a job

Question 9

Money Order

Answer 9

A form of payment where cash is exchanged for an official printed form of payment.

Ex: I used to have to pay my rent with a check but I didn’t want to order a bunch of checks. So I would go to a gas station that sold money orders and give them the cash for the amount of my rent then they would give me a blank check for that amount. Then I would write it to my apartment company

Question 10

Net Pay

Answer 10

The amount of $ you take home after taxes are taken out

Question 11

Gross Wages

Answer 11

Amount you make before taxes are taken out

Gross means ‘Total Amount’ when talking about $

Question 12

Gift Card

Answer 12

Card with $ on it to a specific store or stores or with a certain $ value on it

Ex: Visa gift cards, target gift
Card

Question 13

Gift

Answer 13

Anything given to you of value

Question 14

Debit Card

Answer 14

A card that is directly tied to your bank account and take money out right away when you use it.

This is different than credit because you need to have the money in your account for the card to work

Question 15

Earnings

Answer 15

All the money you make

How much you have earned

Question 16

Electronic Tender

Answer 16

Transferring money from one account to another through the internet

Ex: Venmo, Zelle, PayPal

Question 17

Employment Benefits

Answer 17

Things that an employer offers people who work for them other than money as a reward for working for them.

Often includes: health insurance benefits, retirement savings benefits, paid time off, bonuses, etc.

Question 18

Credit Card

Answer 18

A type of card that allows you to borrow money from the bank to pay for things. You have to pay part of this loan back each month and interest (a fee for using credit) is added.

Question 19

Barter

Answer 19

Fancy word for trade

If I trade you my Takis for your Red Bull we just bartered

Question 20

Financial Institution

Answer 20

Fancy word for bank

Question 21

Bounced check

Answer 21

When you write a check but do not have enough $ in your account to cover it.

Sometimes called a bad check

Question 22

Commercial bank

Answer 22

A for-profit bank. These are the big banks you see all over like Wells Fargo, Truist, Citibank

Question 23

Reconcile

Answer 23

Making sure your records match you bank statement to make sure there is no missing $

Question 24

Credit Union

Answer 24

A members only type bank. Owned by its members.

Ex: Virginia Credit Union- available only to people who live in Virginia

Navy Federal Credit Union- available only to military and their families