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Finance
Personal Finance and Literacy
Term | Definition |
---|---|
Lending / Lend / Lent ( Past tense) | providing others with money or goods now that will be returned or paid back in the future |
Producer | people who make goods or provide services |
Consumer | someone who buys goods or services. A Customer. |
Borrowing | receiving money or goods now that will be returned or paid for in the future |
Balance | the amount of money that is in a bank account after a deposit or withdrawal |
Deposit | money put into a safe place |
Interest earned | money received for saving money in a bank account |
Saving | setting aside money earned or received for future use |
Spending | purchasing goods and services to satisfy wants and needs |
Withdrawls | money taken out |
Decreases | getting smaller in amount or value |
Increases | getting larger in amount or value |
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 |
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. |
Responsible Borrowing | being able to pay it back. |
Irresponsible Borrowing | not being able to pay it back. |