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Financial Literacy

Lesson 3 and 4

TermDefinition
Accrue To have money gain in increments, usually at a set rate.
Compound Interest Interest calculated and paid on a balance and on the interest paid previously.
Interest A fee received or paid for the use of money.
Credit Card A card that allows the holder to buy goods and services by taking out a bank loan.
Debit Card A card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods or services.
Gift Card A card that is purchased for a certain amount and then used like cash .
Identity Theft The crime of stealing someone else's personal or financial information for your own use.
PIN )personal Identification Number) A number required when a person uses a debit card; it ensures others can't access the bank account.
Prepaid Card A card that allows you to spend only the amount you have pre-deposited into an account.
Created by: hewittl