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Personal Finance #01
GA 5th Grade Common Core Social Studies Standards
| Question | Answer |
|---|---|
| What is a budget? | A plan showing how income is to be spent |
| What is credit? | A promise of payment at a future time in return for goods/services now |
| What does it mean to invest? | Use money to gain a profit |
| What are taxes? | Required payment of money made to governments by people and businesses on goods and services |
| What is the Federal Reserve Bank? | The central banking organization in the U.S. |
| What is supply? | The amount that producers are able and willing to produce and sell at all possible prices at a given time |
| What is demand? | The amount that consumers are able and willing to buy at all possible prices at a given time |
| What is competition? | Methods used by businesses to gain more customers and earn higher profits |
| What is a consumer? | Someone who spends their money on a good or service |
| What are examples of goods? | Food, clothes, cars, jewelry, houses, etc. |
| What are examples of services? | Barber shops, grass cutting services, manicure salons, tutoring, firemen, policemen, etc. |
| What are the roles of a Consumer? | to spend money, to use goods and services |
| What are the roles of a Producer? | to provide or make goods and services |
| What is a checking account used for? | To keep money in a safe place until you are ready to spend it |
| What is a savings account? | A bank account that earns interest. Usually the money is kept in the account for a long period of time. Interest what a bank pays you to hold your money |
| What is income? | Any money received on a regular basis from work or investments |
| What is an investment? | The purchase of goods that are not consumed today but are used in the future to create wealth |
Created by:
pattefo
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