Basic Concepts
This is the act of putting money aside now so you can use it in the future.
Saving
This payment method removes money directly from your bank account when you make a purchase.
Debit card
This term describes receiving money with an agreement to pay it back later.
Borrowing
These mandatory payments help fund public services such as health care and education.
This is the system of money used within a country.
Currency
Receiving wages from a part-time job is an example of this financial activity.
Earning
This electronic payment system allows money to be sent directly between bank.
E-transfer
Access to borrowed funds that must eventually be repaid is called this.
Credit
This type of tax is deducted from most people's earnings.
Income tax
This compares the value of one country's currency to another country's currency.
Exchange rate
This financial activity involves paying for goods and services using your money.
Spending
This payment method allows you to borrow money now and repay it later.
Credit card
Money that is owed to another person or organization is known as this.
Debt
An objective related to saving, spending, or earning money is called this.
Financial goal
This type of interest is calculated only on the original amount invested or borrowed.
Simple interest
This involves using money intentionally, to increase your wealth over time.
Investing
Apple Pay and Google Pay are examples of this type of payment technology.
Digital/electronic wallet
A student deposits $400 into a savings account earning 5% annual interest. After one year, they have earned interest equal to this amount.
$20
Values, beliefs, and priorities are examples of this type of factor that influences financial decisions.
Personal factors
A student creates a plan that tracks money coming in, money going out, and future savings goals. This financial tool is called a what?
Budget
A person gives money to a food bank to help people in need. This is an example of what financial action?
Donating
Unlike debit cards, credit cards, and e-transfers, this digital currency operates independently of a traditional bank account.
Cryptocurrency
When a credit card balance is not paid in full, two things may happen: interest is charged and this additional penalty may be applied if payments are late.
Late payment fee
Unlike personal values, this societal factor can influence spending decisions through pressure from friends or classmates.
Peer pressure
This type of interest is calculated on both the original amount and previously earned interest, causing money to grow faster over time.
Compound interest