Financial Literacy - Savings

The MORE often interest is compounded, the greater your earnings.

Savings are protected by FDIC up to this amount?

The formula for calculating interest

A form of educational funding that does NOT need to be repaid

It is recommended to save this percent of your diposable income

Money paid by the bank for the use of your money is called

This is an example of a long-term need.

The amount of money you deposit into a savings account is called

The T in the formula for calculating interest is length of TIME

Grants are money that does NOT need to be paid back and are typically based on financial needs.

The GREATER the risk you are willing to take, the higher the interest rate paid on principal.

This is the name given to a loan for a house

A typical down payment for a house is

Examples of future needs include

Interest paid on the principal PLUS accumulated interest is called

Needs you expect to have in the next few months are said to be

Scholarships have to be repaid once a college student graduates.

Needs you expect to have in greater than one year are said to be

The reason to save money is for future financial needs.

A bank earns it profit on money it lends outs and fees.