Money and Savings Concepts

What is the definition of 'Interest'?

• Money you lose from saving money at a bank

• Extra money that you make from saving money at a bank

• Money you spend on goods

What does 'Invest' mean?

• Spending money on goods

• Using money in the hopes of making more money in the future

• Saving money without any return

If you save money, what are you doing?

• Spending it

• Setting it aside for later

• Going on a shopping spree

The money that you put in a savings account earns what?

• Donuts on Friday’s

• Interest

• A new bike

How can businesses use money wisely to make goods?

• Buy machines

• Make your friends work for you

• Share money with all other businesses

Businesses spend money to invent things and to do what??

• Give it to Alayna and Izzy

• To make new and better goods to sell

• Set it aside for later

Banks are businesses that need to make _______.

• dinner for their parents

• money

To make money, banks charge people ________ for borrowing money than they pay for saving money.

• $1,000

• interest

What does it mean to get a "loan" from the bank?

• give money to the bank

• borrow money from the bank and promise to pay back

Why do people put the money they save in a savings account and not just in a piggy bank?

• you can earn interest for keeping your money/saving it in the bank

• you can spend it weekly and they will pay you back