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Financial Literacy Chapter 1 Flashcards | StudBud
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Financial Literacy Chapter 1
Financial Literacy Chapter 1
10 terms
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1
Key Term: Deposit
money you take out of your account
money you put into your account
process of setting money aside instead of spending it today
the total amount of money in your account
2
Key Term: Interest Rate
percentage of money taken out of your account
total amount of money that is in an account
money paid to you by the bank
percentage you are paid for your money
3
Key Term: Investing
the value of money right now today
the process of paying a loan back to the bank
the process of saving money for long term financial goals
process of setting money aside instead of spending it today
4
Key Term: Interest
total amount of money that is in an account
dollar amount you are paid for your money
the value of money right now today
percentage you are paid for your money
5
Key Term: Savings
money you put into your account
how much a set amount of money will be worth in the future
process of setting money aside instead of spending it today
the value of money right now today
6
Key Term: Withdrawl
money taken out of your account
total amount of money that is in an account
money you put into your account
money that a robber steals from the bank
7
Key Term: Compounding Interest
Interest is added once a year
interest is paid on interest
interest paid to the bank
interest is never added
8
Key Term: Account Balance
percentage of money taken out of your account
percentage you are paid for your money
total amount of money that is in an account
money paid to you by the bank
9
Key Term: Present Value
how much a set amount of money will be worth in the future
percentage you are paid for your money
total amount of money that is in an account
the value of money right now today
10
Key Term: Future Value
the value of money today
total amount of money that is in an account
how much a set amount of money is worth in the future
the amount $1 some point in the future is worth today
