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Financial Literacy
vocabulary words
Term | Definition |
---|---|
Bonus offer | Given by financial institutions to get you to do business with them. |
Balance due | How much you owe on your credit card |
Due date | when you have to pay your bill by |
Late fee | Charge if you don't pay your bill on time |
Intro APR | Temporary low interest rate (could be zero) |
Penalty APR | Interest rate charged to you because you were late on your bill |
Minimum payment due | Amount you HAVE to pay on your credit card bill |
Credit Score | Number that represents your financial history |
Savings Account | Account used for storing your money for future goals |
Checking Account | Account used to pay bills and provides easy access to your money |
Payer | Person writing the check |
Payee | Person receiving the check |
Check | Form of money that tells the bank who to pay and how much |
Memo | Note to self for what the check was written for. |
Overdraft | When you write a check for more amount than you have in your account. |
ATM fee | A charge for using an ATM from another bank |
Interest | Cost of borrowing money in the form of a loan from a bank |
Savings APR | Interest rate you earn on your money in savings account |