Financial Literacy

Question 1

What is a good

Answer 1

A product that is purchased

Question 2

what is a Service

Answer 2

A task that someone does to get money.

Question 3

Why do some places do not accept cash?

Answer 3

They do not accept cash because maybe they do not have a credit card machine

Question 4

What is a debt card?

Answer 4

A debt card is a card that the bank gives to you.

Question 5

What is the difference between a debt card and a credit card?

Answer 5

The difference is that You can check out money through an ATM when you are using a debit card but credit cards can not do that.

Question 6

What is a cheque?

Answer 6

A cheque is a piece of paper you can import money into and give to some in a way of payment.

Question 7

What is a credit card?

Answer 7

A credit card is a card that your bank gives you. With your credit card, you can spend a lot of money but with the risk of damaging your credit score or going into debt.

Question 8

What is cryptocurrency?

Answer 8

cryptocurrency is virtual money that you can pay almost anywhere.

Question 9

What is an EMT?

Answer 9

An EMT is when you virtual send money to another with a bank account.

Question 10

What is a virtual wallet?

Answer 10

A virtual wallet is a wallet that you have virtual that you can pay anywhere. examples are PayPal, Venmo, etc.

Question 11

What is a loan?

Answer 11

A loan is when you need money and the bank lends you money.

Question 12

What is insurance?

Answer 12

insurance is basically a shield for anything for example let’s say you just got your car you get insurance to protect the car if anything bad happens to it.

Question 13

What is a checking account?

Answer 13

A cheakings account is a account you open when you get a job so the money from you job goes there.

Question 14

What is Interest?

Answer 14

Interest is a fee once you get a loan,set up a bank account and more.

Question 15

What is simple interest?

Answer 15

When you have to pay for interest on a loan or a deposit.

Question 16

What is a principle amount?

Answer 16

The amount of money someone takes from the bank etc.

Question 17

What is a savings account?

Answer 17

When you put money into a bank account and use it to save money for later.

Question 18

What are bank loans?

Answer 18

Bank loans are loans that the bank gives you for important purposes. For example, let’s see I need money for school you can get a school loan from the bank.

Question 19

What is donating?

Answer 19

Donating is when you give money to a cause.

Question 20

What is a gift card?

Answer 20

A gift card is a card that you can use in a specific store or game.

Question 21

What are auto payments?

Answer 21

Auto payments are automated payments paid for something automatically.

Question 22

What is tax?

Answer 22

tax is a percentage of your money in a good for the government.

Question 23

What is the formula to calculate tax?

Answer 23

Your price + 0.13 =

Question 24

What happens when we spend more than we have in our bank accounts?

Answer 24

We go into debt

Question 25

What is debt?

Answer 25

Debt is when you spend so much money that you have to pay the bank back.

Question 26

What is investing?

Answer 26

Investing is when you put your money into a business and if that person business is successful then you get a portion of the money if it’s not successful then you just wasted your money