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The teenager said his understanding was that the money was meant to tide Murray over until he got paid by AEG Live.
Prince's grandmother, Katherine Jackson, sat in the front row of the courtroom during his testimony. She held a tissue and removed her glasses several times.
The testimony began with the teenager showing jurors roughly 15 minutes of private family photos and home videos.
He described growing up on Neverland Ranch and showed the panel videos of the property's petting zoos, amusement park and other amenities. After his father's acquittal of child molestation charges, Prince described living in the Middle East, Ireland and Las Vegas.
He told the jury that his father was always working, but the children had no idea he was a global superstar.
"We always listened to his music, but we never knew how famous he was," Prince said.
He said he and his sister Paris-Michael Katherine Jackson watched a video of one of their father's performances and got a sense of his fame when overwhelmed fans were carried from his shows on stretchers.
Prince is the first Jackson family member to testify during the trial, now in its ninth week. Attorneys have said TJ Jackson, who serves a co-guardian to Prince and his siblings, and Taj Jackson, are also expected to take the witness stand. They are the sons of Tito Jackson.
Prince Jackson, his sister Paris and brother Prince Michael "Blanket" Jackson are plaintiffs in the case against AEG, which their grandmother and primary caretaker filed in August 2010.
Prince spoke softly as he began testifying, and the first exhibit shown to jurors was a photo taken with his grandmother on his and Paris' first day of school.
He described his school life, including taking a summer course in U.S. history, participating on the school robotics team and volunteer work.
Another image showed Michael Jackson playing piano with his son while Prince was still a toddler.
Plaintiffs' attorney Brian Panish asked Prince whether he was interested in pursuing a career in music.
"I can never play an instrument and I definitely cannot sing," Prince said to laughter from the jury.
He said he wanted to study film or business when he goes to college.
The trial is expected to last several more weeks.