Method of Payment
A piece of paper that tells the bank to pay someone directly from your bank account
Cheque
What is a transaction?
An agreement between the buyer and seller to exchange goods and services for money.
This action means to pay for goods and services such as groceries, clothing, bills, home repairs etc.
Spending
A record of money that you receive or pay out. It tells you how much money you have in your chequings and savings account.
A plastic card used to buy goods or services where money is taken directly from your bank account instead of using cash
Debit Card
What is a good?
A good is an item that is purchased. I.e., a water bottle, a hair brush.
This means to put money away for future use. I.e., retirement, vacation or larger items.
Saving
When you buy and sell or exchange goods and services
Trade
A plastic card used to buy goods or services where the credit card company will pay first, then you pay the company back later. This card charges interest.
Credit Card
What is a service?
Actions people perform for others, that they are paid to do. i.e., car repair, lawn mowing, hair cutting.
This means to obtain money for labour or services. Also known as income.
Earning
To receive money with the understanding that it will be paid back.
Borrow
Electronic transfer of money online from one bank to another.
E-Transfer
What is a need?
Goods or services we need in order to survive. I.e., food, water, shelter, transportation and clothing.
Means to purchase something that will help you make profit (money) or help produce income.
Invest
A plan for how you will spend and save your money.
Budget
Comes in the form of metal and plastic. You use this to purchase goods or services.
Money/Coins
What is a want?
Goods and services that would be nice to have. i.e., computers, skate board
This means giving to charity or helping out with a cause.
Donating
An amount of money that people have to pay that goes to the government to help pay for things that the city, province or country needs. In Ontario it is 13%
Tax