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Personal Finance #01

GA 5th Grade Common Core Social Studies Standards

QuestionAnswer
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