Money: Something people accept in trade for goods and services
Barter: Trading goods without using money
Three uses of money: A way to pay, a way to measure value and a way to save
Currency: The paper bills and coins used in a country
Penny: A coin worth 1 cent
Nickel: A coin worth 5 cents
Dime: A coin worth 10 cents
Quarter: A coin worth 25 cents
Half dollar: A coin worth 50 cents
Dollar coin: A coin worth 100 cents
How many cents in a dollar?: One hundred
How many nickels make a quarter?: Five
How many dimes make a dollar?: Ten
How many quarters make a dollar?: Four
How many pennies make a dime?: Ten
Whose picture is on a penny?: Abraham Lincoln
Whose picture is on a nickel?: Thomas Jefferson
Whose picture is on a dime?: Franklin D. Roosevelt
Whose picture is on a quarter?: George Washington
Whose picture is on the $1 bill?: George Washington
Whose picture is on the $5 bill?: Abraham Lincoln
Whose picture is on the $10 bill?: Alexander Hamilton
Whose picture is on the $20 bill?: Andrew Jackson
Whose picture is on the $50 bill?: Ulysses S. Grant
Whose picture is on the $100 bill?: Benjamin Franklin
US Mint: Government agency that makes coins
Bureau of Engraving and Printing: Government agency that prints paper bills
Federal Reserve: The central bank of the United States
Counterfeit: Fake money
Earning: Receiving money for work
Allowance: Money given regularly to a child
Saving: Keeping money to use later
Spending: Using money to buy something
Giving: Donating money to help others
Budget: A plan for how to use money
Piggy bank: A container where children save coins
Goal: Something you want to work toward, like saving for a toy
Bank: A business that keeps money safe and makes loans
Credit union: A member-owned bank-like organization
Savings account: Bank account that earns interest
Checking account: Bank account used to pay bills and spend money
Deposit: Putting money into an account
Withdrawal: Taking money out of an account
Balance: The amount of money in an account
Interest: Money the bank pays you for saving, or you pay for borrowing
Compound interest: Earning interest on both your money and past interest
ATM: Machine where you can withdraw cash or make deposits
Debit card: Card that takes money directly from your account
Credit card: Card that lets you borrow money to pay later
Loan: Money borrowed that must be paid back
Debt: Money you owe
Mortgage: Loan to buy a home
Credit score: A number that shows how well you repay debts
Insurance: Protection where you pay a fee to be covered for big losses
FDIC: Government program that insures bank deposits
Tax: Money paid to the government
Sales tax: Extra money added when you buy things
Income tax: Tax on what you earn
Paycheck: Payment for work
Gross pay: Pay before taxes are taken out
Net pay: Pay after taxes and other deductions
Profit: Money left after costs are paid
Price: How much something costs
Sale: A lower price for a limited time
Coupon: A voucher that gives a discount
Compare prices: Check different stores to find a better deal
Unit price: Cost per ounce, pound or item to compare products
Entrepreneur: Person who starts a business
Lemonade stand: A common first business for kids
Donation: A gift to help a cause
Charity: Organization that helps people in need
Stock: A small piece of ownership in a company
Cryptocurrency: Digital money that uses computer code; its value can change a lot
Dollar sign: The symbol $ for dollars
Cent sign: The symbol ¢ for cents
Change: Money given back when you pay more than the price

Free flashcards from Peabody at peabody.kids/flashcards/money-and-banking-basics