Financial Literacy 1
Things that would be nice to have, but you can live without
What are wants?
The life principles that are most imporant to you and guide how you live your life.
What are values?
A monthly spending plan
What is a budget?
Things you spend money on
What are expenses?
Making transfers, deposits and/or withdrawls online instead of inside a bank branch.
What is online banking?
A bank account that lets you write checks, pay bills and do other personal money tasks
What is a checking account?
A bank account that pays you interest on the money you put into it
What is a savings account?
A card that lets you pay for things electronically, directly from your personal bank account
What is a debit card?
Financial institution that holds cash, lends money and provides other money services
What is a bank?
An application on a smart phone that allows you to access your bank account, apply for loans or credit cards or do investing.
What is a mobile banking app?
When you send money to someone else over the internet
What is an e-transfer?
When income is less than expenses
What is debt?
A bank worker who can help you open a bank account or cash a check
What is a bank teller?
A type of ID that is referred to as SSN
What is a social security number?
When your pay automatically goes into your bank account
What is direct deposit?
A fee someone pays to borrow money
What is interest?
A physical payment card that allows you to get credit from a financial institution
What is a credit card?
A record of money that has moved in or out of your bank account
What is a transaction?
A list from a bank of all the transactions you made in a month
What is an account statement?
A loan you get from a cash store or payday lender
What is a cash advance/payday advance?
Things that you must pay for that were not planned.
What are unexpected/emergency expenses?
A special savings account to help you save for your child's future education
What is a 529 savings account?
A scam that uses email, phone calls or text messages to try and steal money or information from you
What is phishing?
When something is shared or felt by both sides
What is reciprocity?
Dealing with your needs first, then your wants
What is good money management?