Financial Literacy 1
Things that would be nice to have, but you can live without
What are wants?
What you think is important in life
What are values?
Another name for a budget
What is a spending plan?
Things you spend money on
What are expenses?
Using tablet or smartphone to do your banking
What is mobile banking?
A bank account that lets you write cheques, pay bills and do other personal money tasks
What is a chequing account?
A bank account that pays you interest on the money you put into it
What is a savings account?
A card that lets you pay for things electronically, directly from your personal bank account
What is a debit card?
Financial institution that holds cash, lends money and provides other money services
What is a bank?
When you do your banking on a computer
What is online banking?
When you send money to someone else over the internet
What is an e-transfer?
When income is less than expenses
What is debt?
A bank worker who can help you open a bank account or cash a cheque
What is a customer service representative?
A goal to save $50 for a concert ticket within three months is an example of this type of goal.
Short term goal
When your pay automatically goes into your bank account
What is direct deposit?
A fee someone pays to borrow money
What is interest?
A physical payment card that allows you to get credit from a financial institution
What is a credit card?
A record of money that has moved in or out of your bank account
What is a transaction?
A list from a bank of all the transactions you made in a month
What is an account statement?
This document allows you to transfer money to another person or deposit it into your bank account.
What is a check
This phrase is written on the back of a check along with your signature to make it secure for deposit.
This type of account locks your money for a fixed period and offers a higher interest rate.
What is a CD
A scam that uses email, phone calls or text messages to try and steal money or information from you
What is phishing?
Saving for college tuition over the next 10 years is an example of this type of goal.
What is a long term goal
These three types of financial goals help guide your spending and saving decisions.
What are short-term, medium-term, and long-term goals?