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Unit 5 - Savings

Financial Literacy

QuestionAnswer
What does pay yourself mean? Any time you get paid, set aside some portion to save before you do any spending.
What does saving mean? Putting aside money for future use.
What does needs mean? Things you have to have; these are essential.
What's an emergency fund? A financial 'safety net' for unexpected expenses.
What are wants? Things you would like to have; they are not absolutely necessary
What is the FDIC? The U.S. corporation that insures the money in your bank account up to $250,000 in the case the bank or credit union fails.
Example of a short term goal Short-term = expensive new sneakers
Example of a long term goal long-term = a car
What is a joint bank account? A bank account held by more than one person; each individual has the right to deposit and withdraw funds.
What is a benefit of a savings account? Your savings account will earn interest, so the money in your account will grow without you doing anything
What is the downside of a savings account? Your savings account has a limit of 6 withdrawals per month, while your checking account does not
What is included in a teenaged savings account? No monthly fees and no minimum balance requirement
What is an ATM? Automatic Teller Machine. Allows a customer to take out physical currency from their bank account.
What is a deposit? An amount of money you ADD to a bank account.
What is a withdrawal? An amount of money you TAKE OUT of a bank account.
What is interest? The money you earn on your savings account balance over a period of time.
What is an online savings account? A savings account that is managed entirely online with no physical bank branch; usually offers higher interest rates.
What is a joint account? A bank account held by more than one person; each individual has the right to deposit and withdraw funds.
When you open your first savings account, you will need to bring each of these things an adult if you're under 18, proof of your mailing address, some sort of ID
What is the financial benefit of compound interest? When you earn compound interest, you earn interest on both the principal and any interest you've already earned
How to calculate simple interest Simple interest = Principal × Rate × Time
Simple interest Simple interest has the same earned amount each year (or whatever time period)
Compound interest compound interest increases the earned interest amount as time goes on. Compound interest includes the principal value and the interest earned from the year before,
Created by: jeff.fishbach
 



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