Financial Literacy Word Scramble
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Term | Definition |
financial institution | A company or business that focuses on financial transactions such as loans, deposits, withdrawals, and investments. |
bank | A financial institution that collects deposits, makes withdrawals, and manages investments. Banks are regulated by the federal government. |
checking account | A bank account that customers use for financial transactions such as depositing money and withdrawing money. Account holders use checks or debit cards for financial transactions. |
savings account | A bank account that customers use to save money. |
deposit | Adding money to a financial account such as a checking account or a savings account. |
direct deposit | Money added to a financial account through an electronic transaction. |
withdrawal | Taking money from a financial account. |
balance | The amount of money held in a financial account. |
debit | A withdrawal from a checking account or a withdrawal using a debit card or other electronic transaction. |
transaction | An exchange of money through deposits, withdrawals, or transfers from one account, business, or person to another account, business, or person. |
earnings | Money made through performing work or a service (also called income and salary). |
fee | Money paid for services. |
check register | A document used to record fees, deposits, withdrawals, and other financial transactions. |
insufficient funds | Term used when there is not enough money in a checking account to pay for withdrawals. Banks charge fees for NSF. |
debit card | A plastic payment card used for purchases. Money spent using a debit card is automatically deducted from a financial account. |
credit card | a plastic payment card that allows users to make purchase. They have a credit limit which is a maximum amount of money that users can borrow |
payment | transfer of money to a person or business usually for goods or services |
fixed expense | an expense that will be the same total amount regardless of changes in the amount of sales, production, or some other activity |
variable expense | an expense that changes with the amount of sales, production and other products |
interest | the cost of using money either when the bank uses the money of depositors or individuals use money borrowed from the bank |
Created by:
megansparks
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