Methods of Payment
Physical money
Cash
Products that can be purchased (food, toys, clothing, etc.)
Good
An account where you save funds that you aren't ready to use yet, often with the goal of accumulating more. It is often used to save for short or long term goals, or for an emergency.
Savings Account
This is a percent added to the money borrowed or deposited.
Interest Rate
Something owed to another person.
Debt
A plastic card that allows for money to transfer from one account directly to another account.
Debit Card
Actions or tasks performed by people for payment.
Service
A bank account that you can access your money from, write cheques, and pay bills from. This account tends to be your go-to, daily transaction bank account.
Chequing Account
The amount a financial institution charges a customer to borrow money.
Interest
What is 1.5% as a decimal?
0.015
A piece of paper that tells a bank to pay a specific amount of money from a person's account to a specific person or business.
Cheque
Money received during a period of time from wages, interests and other sources.
Income
An amount of money that is borrowed with the expectation that it will be paid back, usually with interest.
Loan
Savings, investment or spending targets you hope to achieve over a set period of time.
Financial Goals
What we call the charges banks charge their customers (they can be monthly or annually).
Fees
It allows a consumer to purchase goods or services on credit (they do not need the money required at the point of purchase).
Credit Card
Money spent during a period of time to pay for goods and services.
Expenses
Is giving a gift for charity, humanitarian aid, or to help a cause. Examples include: donating money, goods and services.
Donation
A person, business or institution that gives money to someone with the agreement that it will be paid back.
Lender
What is 6% of $7200?
$432
A fast and convenient way to send money to someone using online banking.
EMT or e-transfer
An estimate/plan of expected income and expenses for a future period of time.
Budget
A special type of loan used to buy a house.
Mortgage
Receives money from a lender, with an agreement to repay it in the future, usually with interest charged.
Borrower
What is 2.5% of $2500?
$62.50