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Personal Finance and Literacy

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Term
Definition
Lending / Lend / Lent ( Past tense)   providing others with money or goods now that will be returned or paid back in the future  
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Producer   people who make goods or provide services  
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Consumer   someone who buys goods or services. A Customer.  
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Borrowing   receiving money or goods now that will be returned or paid for in the future  
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Balance   the amount of money that is in a bank account after a deposit or withdrawal  
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Deposit   money put into a safe place  
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Interest earned   money received for saving money in a bank account  
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Saving   setting aside money earned or received for future use  
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Spending   purchasing goods and services to satisfy wants and needs  
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Withdrawls   money taken out  
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Decreases   getting smaller in amount or value  
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Increases   getting larger in amount or value  
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Bank Account   An account used to deposit money at a bank or credit union. Money can be added or removed from the account by visiting the bank or writing a check  
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Allowance   Money given to a child on a regular basis. The money may be designated for a specific purpose or to spend as the child chooses. In some cases, the money is tied to the completion of household chores.  
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Responsible Borrowing   being able to pay it back.  
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Irresponsible Borrowing   not being able to pay it back.  
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