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Financial Literacy 5

Vocabulary Grade 5

TermDefinition
Budget The amount of money you will spend each month on savings, utilities, rent, and other payments. It allows people to keep track of their spending and not overspend
Checking Account A checking account is a service provided by financial institutions (banks, savings and loans, credit unions, etc.) which allows individuals and businesses to deposit money and withdraw funds from a federally-protected account using a check
Credit Card A plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit
Credit Report A credit report contains information about your credit - and some bill repayment history
Credit Score A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of that person
Credit Worthy You have established good credit by paying all of your bills on time and you don’t use credit cards regularly
Debit Card A bankcard used to make an electronic withdrawal from funds on deposit in a bank, as in purchasing goods or obtaining cash advances
Deductions Amounts that are taken out of your paycheck
Disposable Income Money you have left to invest or spend after you’ve paid all of your expenses each month
Electronic Payments Electronic payments are payments that are made directly to the person you’re paying a bill to from your bank accounts using security features over the Internet to process the transactions.
Expenses Bills you must pay each month
Gross Income The amount of money you actually make without deductions
Income Tax Money taken out of everyone’s paycheck to pay for schools, roads and etc.
Net Income The amount of money you actually receive after deductions on your paycheck
Obligations Bills you must pay every month
Over-Extended Your bills add up to more than your monthly net income
Max Spending the entire limit of credit that you are extended
Sales Tax Tax you pay on items that you purchase at the store
Created by: user-1644938
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