Teens are introduced to important banking and financial terms including expenses, savings accounts, checking accounts, taxes, real costs, budgets, and financial plans. A budget helps control spending to avoid bankruptcy. Taxes are deducted from paychecks and included in prices to fund the government. Financial plans outline steps and goals to ensure having money left after large payments, such as for retirement.
2. Banking Terms
Expenses: money being spent
Taxes: money taken from your pay for the government
Savings Account: account that make interest
Chequing Account: account that can have on demand
cheques
3. What Is Real Cost?
Real cost is the cost that it takes for the good to
be manufactured and the cost of the resources
used. It is good to know because then you
know what you are paying for.
4. What Is a Budget?
A budget is what helps people control their
spending. They are important to make sure that
one never goes completely bankrupt.
5. What Are Taxes?
Taxes is the money that goes to the
government either from your paycheck and into
EI and CPP or taxes are also included in pretty
much everything we buy.
6. What Is A Financial Plan?
A financial plan is steps or goals used to make
sure that someone will always have money left
in their account after big payments. People
wanting to retire normally have financial plans.
