It may be troublesome for college kids—and even some adults—to really feel assured of their understanding of funds. In spite of everything, cash could be a supply of stability, however it may also be anxiety-inducing when an individual doesn’t really feel financially literate or in management. However it doesn’t should be that approach! These monetary literacy vocabulary phrases together with our free Jeopardy-style recreation 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 recreation!
Monetary Literacy Vocabulary Phrases
This checklist of phrases will be useful for college kids 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 recreation!
Fundamentals
- Revenue: Cash you earn from working or from stuff you personal that earn cash, like a enterprise.
- Expense: Cash you spend on stuff you want or need, like payments or snacks.
- Curiosity: Extra cash you pay while you borrow cash, or cash you earn from saving it, normally proven as a share.
- Debt: Cash you owe since you borrowed it and must pay it again.
- Bank card: A cost 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 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 simply’re not going to make use of straight away.
- Overdraft: Happens when cash is withdrawn from a checking account and there should not ample funds to cowl it.
- Direct deposit: The digital switch of a cost, usually a paycheck, straight from the payer’s account to the recipient’s account.
- Mortgage: Cash that you simply borrow and should pay again later, normally with more money on high known 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 income by an organization to people who personal that firm’s inventory.
- Portfolio: A set of all of the totally different investments (like shares and bonds) that somebody owns.
- Bond: A technique to lend cash to an organization or the federal government, who guarantees to pay you again with some more money later. That is sometimes a low-risk funding.
- Mutual fund: A bunch of various investments that individuals 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 costs individuals to pay for issues like faculties, 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 amount of cash that’s subtracted from the quantity you owe while you file your taxes.
- Withholding: Cash that’s deducted out of your paycheck earlier than you obtain it to mechanically pay for issues like taxes.
Get Our Free Jeopardy-Fashion Sport!
Your college students will get pleasure from taking part in this Jeopardy-style recreation the place they’ll work collectively to guess the vocabulary phrases from offered clues. It’s an amazing kickoff to any kind of economic literacy studying to get some primary understanding of terminology.
How To Use the Sport
This monetary literacy vocabulary recreation is offered on Google Slides and is ideal for classroom use!
- Divide your class into groups to compete within the Jeopardy-style monetary literacy recreation.
- The groups will take turns deciding on classes with some extent worth after which work collectively to decide on the proper time period that matches the clue. Set a time restrict to provide their response if wanted.
- Use the elective phrase financial institution for every class to provide 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 you should definitely cross out the classes that had been already used.
