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Financial Literacy
| Term | Definition |
|---|---|
| financial institution | A company or business that focuses on financial transactions such as loans, deposits, withdrawals, and investments. |
| bank | A financial institution that collects deposits, makes withdrawals, and manages investments. Banks are regulated by the federal government. |
| checking account | A bank account that customers use for financial transactions such as depositing money and withdrawing money. Account holders use checks or debit cards for financial transactions. |
| savings account | A bank account that customers use to save money. |
| deposit | Adding money to a financial account such as a checking account or a savings account. |
| direct deposit | Money added to a financial account through an electronic transaction. |
| withdrawal | Taking money from a financial account. |
| balance | The amount of money held in a financial account. |
| debit | A withdrawal from a checking account or a withdrawal using a debit card or other electronic transaction. |
| transaction | An exchange of money through deposits, withdrawals, or transfers from one account, business, or person to another account, business, or person. |
| earnings | Money made through performing work or a service (also called income and salary). |
| fee | Money paid for services. |
| check register | A document used to record fees, deposits, withdrawals, and other financial transactions. |
| insufficient funds | Term used when there is not enough money in a checking account to pay for withdrawals. Banks charge fees for NSF. |
| debit card | A plastic payment card used for purchases. Money spent using a debit card is automatically deducted from a financial account. |
| credit card | a plastic payment card that allows users to make purchase. They have a credit limit which is a maximum amount of money that users can borrow |
| payment | transfer of money to a person or business usually for goods or services |
| fixed expense | an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity |
| variable expense | an expense that changes with the amount of sales, production and other products |
| interest | the cost of using money either when the bank uses the money of depositors or individuals use money borrowed from the bank |
Created by:
megansparks
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