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F. Lit: Unit 1
Question | Answer |
---|---|
Value | Something that is considered important or valuable to a person. |
Need | Something that is needed to live, attend school, or work. |
Want | Something that is not needed but improves quality of life. |
SMART | Specific, measurable, attainable, realistic, time bound |
Goal | Something that a person intends to accomplish. |
Budgeting | Setting priorities between needs and wants when planning how to spend money. |
Income | The money earned from a job. |
Utility Bills | Monthly charges paid to the county you live in for necessities such as water, electricity, and gas. |
Depository Institution | A business where you can store money or ask for loans. A bank is the most common form. |
Commercial Bank | A depository institution that the public can use. |
Credit Union | A depository institution owned by its members. |
Checking Account | An account used for storing spending money that allows withdrawals using checks, debit cards, and ATMs. |
Savings Account | An account used for storing money for emergencies or major purchases. |
Deposit | Putting money into a banking account. |
Withdrawal | Taking money out of a banking account. |
Checks | Paper document connected to your Checking Account that functions like cash. |
Debit Card | A plastic card that is connected to your Checking Account and can be used to make purchases. |
Personal Identification Number (PIN) | A 4 digit number that you create that allows you, and no one else, to use your debit card. |
Automated Teller Machine (ATM) | A machine that allows you to withdraw money from a banking account without talking to a real person. |
Interest | Money that you either owe on a loan or money that you gain from your savings. |