CTMC CHAPTER TWO - BOOTCAMP - Money: What Makes It Awesome?

What does it mean to get paid 'in kind'?

• Receiving cash payments for services rendered.

• Receiving gifts, nice comments, or services in return for work done, instead of cash.

• Receiving a salary in the form of stock options.

• Receiving payment in the form of credit or vouchers.

What are examples of physical money?

• Coins and paper money (notes or bills).

• Digital currencies like Bitcoin.

• Credit cards and debit cards.

• Mobile payment apps like PayPal.

What are examples of digital money?

• Cash and checks

• Debit and credit cards

• Gift cards

• Barter system

How does money make the world a better place?

• Money is used to pay for schools and healthcare.

• Money can be used to buy luxury items for personal enjoyment.

• Money is only useful for making investments in the stock market.

• Money can be hoarded to increase personal wealth.

What are some little jobs kids can do to earn money?

• Mowing the lawn

• Playing video games

• Watching TV

• Going to school

How is money earned through working hourly?

• By getting paid a certain amount for each hour worked, e.g., $2 per hour.

• By receiving a fixed salary regardless of hours worked.

• By earning bonuses based on performance.

• By accumulating tips from customers.

Why do people say money is awesome?

• Because it can be used for many great things, like buying items, fixing things, and paying for services.

• Because it can be used to travel the world and experience new cultures.

• Because it allows people to avoid working and live a life of leisure.

• Because it can be used to impress others and gain social status.

How does money move from one person to another?

• Through transactions, such as a dad getting paid, giving money to mom, who pays the housekeeper, and so on.

• By physical transfer of cash only between two individuals.

• Through digital currencies that are not regulated by any authority.

• By simply writing a check without any further action.

What is the significance of the cost in a business?

• It represents the total revenue generated from sales.

• It includes all expenses incurred in creating a product, and profit is calculated by subtracting the cost from the selling price.

• It is the amount of money a business spends on marketing and advertising.

• It determines the market value of a business based on its assets.

What is the difference between salary and wages?

• Salary is typically paid monthly, while wages can be paid hourly, daily, or weekly.

• Salary is a fixed amount paid weekly, while wages are variable based on hours worked.

• Wages are always higher than salary due to overtime pay.

• Salary is paid annually, while wages are paid bi-weekly.