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Financial Literacy

Made by Ashaz

TermDefinition
Account Balance The amount of money that is in an account after a deposit or withdrawal is made
Allowance An amount of money paid regularly in exchange for completing chores or assigned tasks; often paid by a parent to a child
Balanced Budget An organized plan for money in which the total income equals hte total expenses for a given period of time
Borrow To obtain or use money from a bank or other person in order to purchase goods or services
Budget An organized pla n for spending and saving money
Cash Paper money or coins
Check A slip of paper that is filled out to allow a bank to take money from a checking account to pay for a purchase
Check Register A table for recording information about checks written on a bank account
Checking Account An account at a bank that allows a person to deposit por withdraw money and write checks to pay for goods and services
Credit An amount of money that a lender or business allows a person to use to purchase goods and servivces with a promise to repay the money, usually with interest
Credit Card A card, issued by a bank, store, or other business, that is used to borrow money or by goods and services on credit; consumers make regular payments to repay the bank, store, or business
Debit An amount of money subtracted from a bank account balance
Debit Card A card issued by a bank that a consumer uses to pay for purchases with money from a checking account
Debt Money, goods, or services owed to others
Deduct To subtract money from a total
Deficit The amount of additional money a person would need in order to pay all expenses
Created by: AshazH
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