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has value, you make choices about how, when, where to spend
Describe money.


by money
How is economic value measured?


Treasury
Which government agency "mints" bills and coins?


economy
In the U.S ________________________, money is the glue that binds products, services, and people together.


fixed expenses
What are expenses that occur regularly and don't change?


flexible expenses
What are expenses that occur on a regular basis and changes?


interest rate
What is small amount the bank pays for keeping your money in a savings account?


earning power
What is considered to be the ability to earn money in exchange for work?


income
This is considered to be the money that workers make.


savings account
Enables you to keep your money safe and make it grow with interest


checking account
What allows people to make purchases and pay bills using paper checks or debit card instead of cash


loan
Assists people in purchasing expensive items, such as cars, & pay money back over time plus interest.


by credit card
Which is a convenient way to buy things and pay for them over time, but interest rate is higher?


investment accounts
What type of account helps people make their money grow over time, & be prepared for large expenses, such as college?


electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller to withdraw, deposit, transfer, or check balance
What is the role of an Automated Teller Machine (ATM)?


Automated Teller Machine
What is the acronym for ATM?


banks/financial institutions
Which entity provides helpful services to help you manage your money?

Certificate of Deposit, Money Market, and Regular Savings
What are the three most common types of savings account?


deposit
The bank requires a minimum ________ to open an account


withdrawal
The action taken when money is removed from your account at the ATM or Teller.


discretionary expense
What is money that you choose to spend to on wants and things that are not necessity?


credit
about borrowing money and refers to the ability of a person or a business to borrow money

loans and credit cards
With these items, people are able to borrow the money they need in order to buy something now

trust
Earning credit requires which of the following?

credit history
demonstrated ability to manage their money over time

$195
Imagine that your savings account has reached $175. This amount is called your balance. Your neighbor just wrote you a check for $40 for helping him with some odds jobs. You decide to use an ATM to deposit the check, and you want to get $20 back in cash. What will be your balance after you make this deposit and withdrawal?

$230
Imagine that you have $375 in your savings account. You need $145 in cash. If you withdraw money from your savings account using the ATM, how much will you need to withdraw in order to have at least $145 remaining in your account?