Financial Literacy 1
A financial institution that accepts deposits from the public
What is a bank?
Something you must have to survive
What is a need?
Something that you spend money on, either one time or regularly
What is an expense?
Money you earn for doing work or receive as a gift
What is income?
Something that would be fun to have but you can live without
What is a want?
Money that you borrow from someone, usually a bank
What is a loan?
A plan for managing your income
What is a budget?
A type of bank account where you put money that you plan on saving for a while
What is a savings account?
Money you borrow from someone else that must be repaid
What is debt?
The amount of money left over after you have paid all your Bills
What is a Balance
A bank card that is linked to your bank account and automatically deducts the amount of a purchase from your checking account.
What is a debit card?
An extra charge for borrowing money from a bank. This is paid on top of the money you borrowed.
What is interest?
A small, hard plastic card that is issued by a credit card company or other financial institution. It is issued by a credit card company and used like a type of loan.
What is a credit card?
A type of bank account that allows you to easily deposit and withdraw money for daily transactions. This account is usually used to pay bills and does not earn interest.
A Checking Account
Extra money that you earn while your money sits in the bank in a special account
What is interest?