Financial Literacy (K & A)

Vocabulary Review 1

100

An account used for every day financial transactions or quick access to cash. 

Checking Account

200

The act of putting money (cash or check) into a bank

Depost

300

The act of taking out money from a bank.

Withdrawal

400

A deposit bank account that lets you securely save money. 

Savings Account

500

A payment card that deducts money directly from your checking account to pay for a purchase.

Debit Card

Vocabulary Review 2

100

A machine that dispenses cash or performs other banking services when an account holder inserts a bank card.

ATM (Automated Teller Machine)

200

A security code for verifying your identity. 

Hint:

It is similar to a password.

PIN

300

The amount of money you have in a bank account, or the amount of something that you have left after you have spent or used up the rest. 

Balance

400

Financial institutions that hold deposits, loans money, and supports other financial institutions. 

Bank

500

Ways to pay for wants and needs.

Cash/ money, debit card, or credit card.

Fill-in-the-Blank Sentences

100

John got paid last week so he went to the bank and __________ his check into his savings account. 

deposited

200

Sarah needed cash from her checking account to pay for her new computer so she made a ______________ from the ATM.

Withdrawal

300

Stephanie wanted to open up a ____________ ___________ so she would have an account to deposit her paychecks, take out cash, and write her own checks.

Checking account

400

Putting all of your birthday money into your ____________ ______________ will allow you to save your money and buy something later.

Savings account

500

Sarah needed to get cash from the bank quickly, so she went to the __________ machine. 

ATM

5 Second Rule

100

Name 3 ways to pay

Cash, debit card, or credit card.

200

Name 3 things to save up for

anything! 

300

Name 3 banks.

Chase, Bank of America, Chase, TD Bank (etc.)

400

Name 3 types of stores to shop from

Grocery stores, clothing stores, office supply stores

500

Name 3 vocabulary words you just learned!

ATM, PIN, Debit Card, Withdrawal, balance, checking account, savings account, bank, and deposit.

Compare/Contrast

100

Explain the difference between deposit and withdrawal.

A deposit is money you put into your bank account and withdrawal is when you take it out.

200

Explain the difference between ATM and PIN. 

An ATM is a machine used to take out cash. The PIN is the password or security code for your account

300

Explain the difference between a checking account and a savings account. 

A checking account is the account used for everyday spending. A savings account is money saved up for the future.

400

What is the difference between wants and needs.

Wants are things that you would like to have. Needs are things you need to pay for in order to live.

bonus: List 3 needs

500

Use your flashcards to help with this question.

Explain the difference between loan and debt. 

A Loan is money that is borrowed that is expected to be paid back. A Debt is money that is owed to another person or organization.