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Financial Literacy
Made by Ashaz
Term | Definition |
---|---|
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 |