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Financial Literacy

TermDefinition
Fixed Expense Set amount every month;
Variable Expense Vary in cost from month to month; often is a want but sometimes is a need
Income Money received as a result of working
Expenses Money spent for something
Allowance Money paid regularly to a child (usually for doing chores)
Financial Institution A place that gives loans, takes deposits and helps with investments
Savings Account A bank account that earns interest
Interest Money paid for the use of someone else's money
Borrowing Money Taking a loan to use someone else's money; Usually you have to pay interest
Lending To provide money temporarily that must be paid back
Profit Money earned; Profit = revenue - cost
Revenue Total income of a business or organization
Created by: freundk
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