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 approach! These monetary literacy vocabulary phrases together with our free Jeopardy-style sport are the right stepping stones into any monetary literacy lesson.
By instructing college students about how cash works early on, they’re extra more likely to mature into financially safe and accountable adults. That’s why we’re right here that can assist 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 might 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 sport!
Fundamentals
- Revenue: Cash you earn from working or from stuff you personal that become profitable, like a enterprise.
- Expense: Cash you spend on stuff you want or need, like payments or snacks.
- Curiosity: Extra cash you pay once you borrow cash, or cash you earn from saving it, normally proven as a proportion.
- Debt: Cash you owe since you borrowed it and have to pay it again.
- Bank card: A fee kind that creates a mortgage, that means it’s a must to pay again the acquisition quantity plus curiosity at a later time.
Banking
- Checking account: A checking account that enables 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 simply’re not going to make use of instantly.
- Overdraft: Happens when cash is withdrawn from a checking account and there aren’t ample funds to cowl it.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 simply borrow and need to pay again later, normally 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 title for a distribution of income 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 option 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 gaggle of various investments that folks put their cash into collectively. Specialists 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 folks to pay for issues like colleges, roads, and public companies.
- Revenue tax: A sort of tax that you simply pay on the cash you earn from working.
- Tax deduction: An expense that may decrease the quantity of revenue that it’s a must to pay taxes on, so that you pay much less in taxes.
- Tax credit score: An sum of money 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-Type Sport!
Your college students will get pleasure from taking part in this Jeopardy-style sport the place they will work collectively to guess the vocabulary phrases from supplied clues. It’s an amazing kickoff to any kind of monetary literacy studying to get some fundamental understanding of terminology.
How To Use the Sport
This monetary literacy vocabulary sport is out there 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 deciding on 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 present their response if wanted.
- Use the non-compulsory phrase financial institution for every class to present college students a touch. Or ditch the phrase financial institution to make it tougher!
- Add up factors for appropriately answered questions on the board, and you should definitely cross out the classes that had been already used.
