Financial Literacy Vocabulary

the smallest amount a person is required to pay in a given month

What does ATM stand for?

Interest paid on unpaid credit balances

specially coded plastic card authorizing cardholder to purchase goods and services on credit

interest is earned on previously earning interest

What does APR stand for?

expenses that are the same every month

earnings from an investment

an interest-bearing deposit account

a written order to a bank telling them to pay a certain amount from the customer's account

allows a user to buy goods or services, funds immediately paid from the user's bank account

How can you deposit and withdraw money without direct assistance of a bank employee?

Possessions that have economic value

Interest rate charged per year for the use of credit

What is financial Literacy?

a plan to manage income, spending, and saving

required payments to government

borrowing money to buy something then promising to pay money back later

personal assets minus personal liabilities equals...

amount of income left after taxes have been paid

income not spent

a financial account into which people deposit and withdraw money

written record that tracks a borrower's credit payments and history

things that are owed; obligations that must be paid

payments for goods and services

expenses that may change weekly or monthly

a charge for using someone else's money

BONUS: What kind of car does Ms. Walters drive?