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Money in our Lives

Financial Literacy

TermDefinition
Comparison Shopping The practice of comparing the price of products or services from different vendors before buying, often to find the best deal or price.
Features A distinctive attribute or quality of something.
Coupons A voucher providing a discount for a particular item when purchased.
Discounts A deduction from the usual cost of something.
Promotions An opportunity that encourages you to purchase a specific item (eg a discount).
Receipt A document acknowledging that a person has received money or property after a sale.
Tax A mandatory financial charge that the government adds to the cost of some goods, services, and transactions.
Tip A sum of money (added to the bill total) given by a customer to a waiter or waitress for their service.
Checking Account A type of bank account that allows a person to deposit and withdraw their money.
Consumer A person who purchases goods and services for personal use.
ATM Automatic Teller Machine. Allows a customer to take out physical currency from their bank account.
Deposit An amount of money you add to a bank account.
Withdrawal An amount of money you take out of a bank account.
Check A document that tells a bank to pay a specific amount of money from one person's account to another person's account.
Statement The monthly record of your account transactions sent to you by your bank.
Balance The amount of money you have in your bank account.
Prepaid Card A card that is loaded with a specific cash amount and can be used at ANY store.
Gift Card A card that is loaded with a specific cash amount and can only be used at a SPECIFIC store.
Peer-to-Peer Payment App An online process that allows you to send money directly from your checking account to another person using a username, email address, or cell phone number.
Mobile Wallet A virtual wallet that stores payment card information on a mobile device.
Subtotal The total for PART or SOME of the items on your receipt.
Vendor A person or company offering something for sale.
Debit Card A card issued by a bank allowing the owner to transfer money electronically to another bank account when making a purchase.
Popular Finance sets

 

 



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