NC Using Money
Presentation
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Social Studies
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4th Grade
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Practice Problem
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Easy
Kelly Farly
Used 14+ times
FREE Resource
13 Slides • 6 Questions
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Using Money
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Spending and Saving
Governments and businesses use budgets to help them decide how to spend money. Many people also follow a budget to help them make choices about how to use their money. Budgets help people see how they spend money. They help people make plans to reach economic goals.
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Most people save some of their money for future use. They often keep their savings in banks. A savings account in a bank earns interest. Interest is the money a bank or a borrower pays for the use of money. In turn, the banks lend that money to other people. Banks charge people interest until the loan is paid back.
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Open Ended
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People often borrow money to buy a house or an automobile or to start a business. Governments, businesses, and people can also invest their money. To invest is to buy something that will grow in value. Many people invest by buying stocks, property, or valuable metals or gemstones.
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Taxes
People and businesses must spend some of their money paying taxes to national, state, and local governments. Tax money is used to run governments and to pay for services.
Almost half of North Carolina’s tax money comes from income taxes. An income tax is a tax based on how much a person earns. Income taxes are collected by the national government and by some state governments.
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People pay a sales tax when they buy things. Property taxes are charged on land and buildings. North Carolina also has a personal property tax on items such as cars and trucks.
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People in many North Carolina cities and towns pay user fees for services such as garbage collection or water. They also pay fees when they use public transportation, such as buses. User fees usually do not pay the whole cost of a service. However, user fees can help reduce the amount of tax money needed to pay for services.
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Open Ended
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Multiple Choice
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Government Services
Governments at the national, state, and local level are responsible for spending tax money.
Each level of government uses tax money to provide services to citizens. By law, governments in the United States must be able to show citizens how tax money is spent.
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National Services
The national government provides services for all the people in the United States. It uses money to support the nation’s armed forces. Them national government also uses tax money to provide security at airports and along the nation’s borders and coasts.
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The national government also uses tax money to provide services and programs that help people who are elderly, poor, or disabled. The national government funds many agencies, such as the United States Postal Service and the National Park Service, with tax money.
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Open Ended
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State Services
North Carolina’s state government provides services for people who live in North Carolina. Much of the state’s tax money is used for public schools and for state universities and colleges. State taxes are also used to repair state roads and to run state parks. State taxes fund programs that help North Carolinians who need food, clothing, health care, or shelter.
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County Services
County and municipal governments provide services for people in a particular county or city. Counties spend tax money on courts, jails, schools, and health services. They also provide emergency services and take care of county parks.
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Open Ended
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City taxes pay for services such as police and fire protection, garbage collection, and street repairs. Many cities also provide water and power services. Counties and cities often work together to provide services such as running libraries and maintaining parks.
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Open Ended
Using Money
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