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Financial Literacy
Lesson 3 and 4
Term | Definition |
---|---|
Accrue | To have money gain in increments, usually at a set rate. |
Compound Interest | Interest calculated and paid on a balance and on the interest paid previously. |
Interest | A fee received or paid for the use of money. |
Credit Card | A card that allows the holder to buy goods and services by taking out a bank loan. |
Debit Card | A card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods or services. |
Gift Card | A card that is purchased for a certain amount and then used like cash . |
Identity Theft | The crime of stealing someone else's personal or financial information for your own use. |
PIN )personal Identification Number) | A number required when a person uses a debit card; it ensures others can't access the bank account. |
Prepaid Card | A card that allows you to spend only the amount you have pre-deposited into an account. |