Money Money Money - Earnings, Saving and Interest

Interest is ...

• How much you earn on savings in your bank account.

• How keen you are to earn money.

• The amount you pay on a principal loan.

• How much money you can earn in an hour.

What is an hourly rate?

• How many hours you need to work at a job.

• How much you enjoy working for a whole hour.

• The dollars per hour that you are paid for a job.

• The amount of money you are paid for completing a job.

What is a deposit?

• An amount of money you put into a bank account.

• A donation at church.

• What your pet dog leaves behind on the grass.

• A mail-order catalogue.

Why do banks pay interest?

• They are being generous.

• They want to encourage people to bank with them.

• They want to attract your money to their bank, so they can lend it to someone else.

• They are curious about what you would do with your money.

What is a profit?

• This is a financial gain.

• The amount of extra money you make in a deal.

• A religious leader who is inspired by God.

• An amount of money you must pay the bank.

What is an everyday account?

• An account where you have to make a transaction every day.

• An account where you can make payments from.

• An account where you can make a deposit.

• An account where you earn interest every day.

Which of these facts are true about savings accounts?

• You earn interest on your savings account.

• You earn less interest if you make a withdrawal.

• You need to make a deposit at least once a month.

• Your money is not safe in a savings account.

What is the principal in financial terms?

• The head of a school.

• The total amount of money in your savings account.

• Your beliefs and values.

• The most important thing in a room.

The amount of money earned on the principal and interest earned is called...

• Bank fee

• Compound interest

• Deposit

• Withdrawal

What is the most important reason for you to earn money?

• To have money to buy clothes and make-up.

• To be able to do fun things like going to the movies or McDonalds.

• To save up for an expensive item in the future.

• To be able to buy presents for birthdays and at Christmas.