Personal Financial Literacy Money Personal Financial Literacy

What is money? Why do we need money? Tell your teacher

Money is an item that can be used to pay for goods and services. It could be in the form of dollar bills (or currency), coins, and even checks. What is Money?

Why are checks considered to be money? When you write a check, you are giving the bank permission to withdraw money from your bank account to pay for a good or service. A check is the same as money. Why are checks considered to be money?

Why do we need money? It serves as a medium of exchange. Consumers need a standard method to purchase goods and services. Money allows a consumer to exchange the dollars, coins and checks he or she owns for what he or she wishes to purchase. Why do we need money?

We use money as a medium of exchange. If you want to buy food, how do you pay? You exchange your money for the food. We use money as a medium of exchange. Why do we need money?

Why do we need money? It serves as a medium of exchange. Consumers agree that money can be used as a method of payment. And consumers acknowledge and accept the value of money. Why do we need money?