It may be troublesome for college students—and even some adults—to really feel assured of their understanding of funds. In any case, cash is usually a supply of stability, nevertheless it may also be anxiety-inducing when an individual doesn’t really feel financially literate or in management. Nevertheless it doesn’t need to be that manner! These monetary literacy vocabulary phrases together with our free Jeopardy-style sport are the proper stepping stones into any monetary literacy lesson.
By instructing college students about how cash works early on, they’re extra prone to mature into financially safe and accountable adults. That’s why we’re right here that will help you break down important monetary vocabulary into digestible items—after which make it enjoyable with a sport!
Monetary Literacy Vocabulary Phrases
This listing of phrases could be useful for college students to get a deal with on phrases they may hear in real-life eventualities or in upcoming classes. They’re all included in our free Jeopardy-style game!
Fundamentals
- Revenue: Cash you earn from working or from belongings you personal that earn a living, like a enterprise.
- Expense: Cash you spend on belongings you want or need, like payments or snacks.
- Curiosity: More money you pay once you borrow cash, or cash you earn from saving it, often proven as a share.
- Debt: Cash you owe since you borrowed it and must pay it again.
- Bank card: A fee kind that creates a mortgage, that means you need to pay again the acquisition quantity plus curiosity at a later time.
Banking
- Checking account: A checking account that permits quick access to funds for on a regular basis transactions.
- Financial savings account: A checking account that earns curiosity over time and is often used for storing cash that you just’re not going to make use of immediately.
- Overdraft: Happens when cash is withdrawn from a checking account and there usually are not adequate funds to cowl it.
- Direct deposit: The digital switch of a fee, typically a paycheck, immediately from the payer’s account to the recipient’s account.
- Mortgage: Cash that you just borrow and need to pay again later, often with extra cash on prime referred to as curiosity. An instance of this can be a mortgage.
Investing
- Inventory: A small unit of possession of an organization; when the corporate makes or loses cash, you can also make or lose cash.
- Dividend: The identify for a distribution of earnings by an organization to people who personal that firm’s inventory.
- Portfolio: A set of all of the completely different investments (like shares and bonds) that somebody owns.
- Bond: A solution to lend cash to an organization or the federal government, who guarantees to pay you again with some extra cash later. That is usually a low-risk funding.
- Mutual fund: A bunch of various investments that folks put their cash into collectively. Consultants handle it to assist the cash develop, and it’s thought-about to be much less dangerous than investing in a singular inventory.
Taxes
- Tax: Cash that the federal government prices individuals to pay for issues like faculties, roads, and public providers.
- Revenue tax: A sort of tax that you just pay on the cash you earn from working.
- Tax deduction: An expense that may decrease the quantity of earnings that you need to pay taxes on, so that you pay much less in taxes.
- Tax credit score: An amount of cash that’s subtracted from the quantity you owe once you file your taxes.
- Withholding: Cash that’s deducted out of your paycheck earlier than you obtain it to routinely pay for issues like taxes.
Get Our Free Jeopardy-Fashion Sport!
Your college students will take pleasure in enjoying this Jeopardy-style sport the place they will work collectively to guess the vocabulary phrases from supplied clues. It’s a fantastic kickoff to any kind of monetary literacy studying to get some primary understanding of terminology.
How To Use the Sport
This monetary literacy vocabulary sport is on the market on Google Slides and is ideal for classroom use!
- Divide your class into groups to compete within the Jeopardy-style monetary literacy sport.
- The groups will take turns choosing classes with a degree worth after which work collectively to decide on the right time period that matches the clue. Set a time restrict to offer their response if wanted.
- Use the non-compulsory phrase financial institution for every class to offer college students a touch. Or ditch the phrase financial institution to make it more difficult!
- Add up factors for appropriately answered questions on the board, and be sure you cross out the classes that have been already used.
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