Financial Literacy
A Financial Institution where people deposit and withdraw their monies
What is a Bank?
•Money is a medium of Exchange
What is official meaning of Money?
•Money received from working a job or career
Income or Wages
•Adding money to a financial account such as a checking account or a savings account
What is a Bank Deposit?
An Electronic transfer from your Employer to your Bank Account
What is Direct Deposit?
A way to Track your monthly expenses from your income and your Account
What is a Budget?
An account allows easy access to your account. It a place to keep your money until you are ready to use it; to make purchases and to pay expenses.
What is a Checking?
Account allows you to deposit your money for future use and earn more money on the amount I put in-called Interest
What is a Savings Account?
•The amount of money left over after you have paid all your expenses or make a deposit into your acct
What is a Balance?
•A card used to withdraw money out of your savings or checking acct
What is a Debit Card or ATM?
•A Card issued by a bank or Financial Institution, allowing its owner to purchase goods or services and pay later
What is a Credit Card?
Mandatory payment collected by local, state, and Federal governments
What are Taxes?
Income Before Taxes
What is Gross Pay?
Income After Taxes
What is Net Pay?
•Federal income tax. Federal income tax
•Unemployment Tax
•Social Security tax
What are examples of Payroll Deductions?
Items you pay out of your Account
What are Expenses?
Expenses that change from month to month
What are Variable Expenses?
Taking money out of a Bank account
What is a Withdrawal?
A Term used when there is not enough money in a checking account to make payment or withdrawals.
What are Insufficient Funds?
Money made through performing work or a service
What is Income?
Lisa account balance was -$500; She got paid for $2000; Her new balance is....
What is $1500?
Income- $4500
Expenses-$4200
New balance=
New balance is $300?
Brianna last got paid 5/2/25; She is paid every 2 weeks. Her next pay date is....
Next Pay date will be 5/16/25 ?
Nancy is paid once per month, her last pay date was on 5/2/25; Her next pay will be...
What is 6/2/25?
Ryan gets paid every Week, or every 7 days; his last pay date was 5/2/25; his next pay date will be....
What is 5/9/25?