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Financial Literacy

TermDefinition
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