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Money in our Lives
Financial Literacy
| Term | Definition |
|---|---|
| Comparison Shopping | The practice of comparing the price of products or services from different vendors before buying, often to find the best deal or price. |
| Features | A distinctive attribute or quality of something. |
| Coupons | A voucher providing a discount for a particular item when purchased. |
| Discounts | A deduction from the usual cost of something. |
| Promotions | An opportunity that encourages you to purchase a specific item (eg a discount). |
| Receipt | A document acknowledging that a person has received money or property after a sale. |
| Tax | A mandatory financial charge that the government adds to the cost of some goods, services, and transactions. |
| Tip | A sum of money (added to the bill total) given by a customer to a waiter or waitress for their service. |
| Checking Account | A type of bank account that allows a person to deposit and withdraw their money. |
| Consumer | A person who purchases goods and services for personal use. |
| ATM | Automatic Teller Machine. Allows a customer to take out physical currency from their bank account. |
| Deposit | An amount of money you add to a bank account. |
| Withdrawal | An amount of money you take out of a bank account. |
| Check | A document that tells a bank to pay a specific amount of money from one person's account to another person's account. |
| Statement | The monthly record of your account transactions sent to you by your bank. |
| Balance | The amount of money you have in your bank account. |
| Prepaid Card | A card that is loaded with a specific cash amount and can be used at ANY store. |
| Gift Card | A card that is loaded with a specific cash amount and can only be used at a SPECIFIC store. |
| Peer-to-Peer Payment App | An online process that allows you to send money directly from your checking account to another person using a username, email address, or cell phone number. |
| Mobile Wallet | A virtual wallet that stores payment card information on a mobile device. |
| Subtotal | The total for PART or SOME of the items on your receipt. |
| Vendor | A person or company offering something for sale. |
| Debit Card | A card issued by a bank allowing the owner to transfer money electronically to another bank account when making a purchase. |
Created by:
supersmartstudier
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