Biztown: Unit 1 Lesson 3: Savings Accounts

Interest: A fee received or paid for the use of money.

Compound Interest: Interest calculated and paid on the balance and on the interest paid previously.

Pay Yourself First: To automatically save a specified amount from a paycheck for future use.

Rule of Law: The idea that government officials, who are elected by citizens, make clear laws that apply to everyone equally, including themselves.

Multiple Choice

To automatically save a specified amount from a paycheck for future use.

• Interest

• Compound Interest

• Pay Yourself First

• Rule of Law

Multiple Choice

A fee received or paid for the use of money.

• Interest

• Compound Interest

• Pay Yourself First

• Rule of Law

Multiple Choice

Interest calculated and paid on the balance and on the interest paid previously.

• Interest

• Compound Interest

• Pay Yourself First

• Rule of L

Multiple Choice

The idea that government officials, who are elected by citizens, make clear laws that apply to everyone equally, including themsel

• Interest

• Compound Interest

• Pay Yourself First

• Rule of Law

Multiple Choice

Becky made a deposit into her checking account.

• 1

• 2

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• 4

Multiple Choice

The JA BizTown newspaper made the last payment on its start-up loan.

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• 4

Multiple Choice

Carmen took money out of her savings account to buy a new computer.

• 1

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• 4

Multiple Choice

The utilities company deposited customer checks.

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• 4

Multiple Choice

Rick made a payment on his home loan.

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Multiple Choice

The JA BizTown grocery store received a loan to buy new shopping carts.

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Multiple Choice

People should pay themselves first by setting aside savings as soon as they receive money.

• True

• False

Multiple Choice

People should only save when they have money left over after spending.

• True

• False

Multiple Choice

People can protect their financial future by Saving now. 

• True

• False

Multiple Choice

Putting money in a piggy bank or a hidden spot is a safe way for people to save and grow their money. 

• True

• False

Multiple Choice

Having savings in the bank can help if people have an emergency or want to take advantage of a special opportunity.

• True

• False

Multiple Choice

People are willing to put their savings in the bank because the government helps protect their private property by making and enforcing laws. 

• True

• False