Financial Literacy Terms
The ability to use knowledge and skills to make effective and informed money management decisions.
Financial Literacy
The ability to borrow money, access goods or services with the understanding that you'll pay later.
Credit
A type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
Student Loan
When money is owed to someone else.
Debt
Money a person must pay if they borrow money.
Interest
A Free Application for Federal Student Aid from the federal government to help pay for college.
FAFSA
Money received, especially on a regular basis, for work.
Income
Rent, phone bill, and food fall under what expense category?
Needs
A sum of money similar to scholarships, in that they are free financial aid that you are not required to repay.
Student grant
A bank account that lets you store your money securely while typically earning interest.
Savings Account
Tv subscriptions, eating out, and concert tickets fall under what expense category?
Wants
A financial aid award designed to help students pay for school.
Scholarship
A plan for earning and spending money over time.
Budget
A percentage withheld from an employee's pay by an employer who pays it to the government on the employee's behalf.
Payroll Tax
A program that provides part-time jobs for undergraduate and graduate students with financial needs, allowing them to earn money to help pay education expenses.
Work-study program