Flashcards › Social Studies › Economics
Money and Banking Basics
What money is, US coins and bills, saving, banks and borrowing.
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- MoneyTermSomething people accept in trade for goods and services
- BarterTermTrading goods without using money
- Three uses of moneyTermA way to pay, a way to measure value and a way to save
- CurrencyTermThe paper bills and coins used in a country
- PennyTermA coin worth 1 cent
- NickelTermA coin worth 5 cents
- DimeTermA coin worth 10 cents
- QuarterTermA coin worth 25 cents
- Half dollarTermA coin worth 50 cents
- Dollar coinTermA coin worth 100 cents
- How many cents in a dollar?TermOne hundred
- How many nickels make a quarter?TermFive
- How many dimes make a dollar?TermTen
- How many quarters make a dollar?TermFour
- How many pennies make a dime?TermTen
- Whose picture is on a penny?TermAbraham Lincoln
- Whose picture is on a nickel?TermThomas Jefferson
- Whose picture is on a dime?TermFranklin D. Roosevelt
- Whose picture is on a quarter?TermGeorge Washington
- Whose picture is on the $1 bill?TermGeorge Washington
- Whose picture is on the $5 bill?TermAbraham Lincoln
- Whose picture is on the $10 bill?TermAlexander Hamilton
- Whose picture is on the $20 bill?TermAndrew Jackson
- Whose picture is on the $50 bill?TermUlysses S. Grant
- Whose picture is on the $100 bill?TermBenjamin Franklin
- US MintTermGovernment agency that makes coins
- Bureau of Engraving and PrintingTermGovernment agency that prints paper bills
- Federal ReserveTermThe central bank of the United States
- CounterfeitTermFake money
- EarningTermReceiving money for work
- AllowanceTermMoney given regularly to a child
- SavingTermKeeping money to use later
- SpendingTermUsing money to buy something
- GivingTermDonating money to help others
- BudgetTermA plan for how to use money
- Piggy bankTermA container where children save coins
- GoalTermSomething you want to work toward, like saving for a toy
- BankTermA business that keeps money safe and makes loans
- Credit unionTermA member-owned bank-like organization
- Savings accountTermBank account that earns interest
- Checking accountTermBank account used to pay bills and spend money
- DepositTermPutting money into an account
- WithdrawalTermTaking money out of an account
- BalanceTermThe amount of money in an account
- InterestTermMoney the bank pays you for saving, or you pay for borrowing
- Compound interestTermEarning interest on both your money and past interest
- ATMTermMachine where you can withdraw cash or make deposits
- Debit cardTermCard that takes money directly from your account
- Credit cardTermCard that lets you borrow money to pay later
- LoanTermMoney borrowed that must be paid back
- DebtTermMoney you owe
- MortgageTermLoan to buy a home
- Credit scoreTermA number that shows how well you repay debts
- InsuranceTermProtection where you pay a fee to be covered for big losses
- FDICTermGovernment program that insures bank deposits
- TaxTermMoney paid to the government
- Sales taxTermExtra money added when you buy things
- Income taxTermTax on what you earn
- PaycheckTermPayment for work
- Gross payTermPay before taxes are taken out
- Net payTermPay after taxes and other deductions
- ProfitTermMoney left after costs are paid
- PriceTermHow much something costs
- SaleTermA lower price for a limited time
- CouponTermA voucher that gives a discount
- Compare pricesTermCheck different stores to find a better deal
- Unit priceTermCost per ounce, pound or item to compare products
- EntrepreneurTermPerson who starts a business
- Lemonade standTermA common first business for kids
- DonationTermA gift to help a cause
- CharityTermOrganization that helps people in need
- StockTermA small piece of ownership in a company
- CryptocurrencyTermDigital money that uses computer code; its value can change a lot
- Dollar signTermThe symbol $ for dollars
- Cent signTermThe symbol ¢ for cents
- ChangeTermMoney given back when you pay more than the price
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