Financial Literacy Vocabulary 1

Front

A systematic plan for the spending of a usually fixed resource, such as money or time, during a given period.

Back

budget

Front

A formal banking relationship established to provide for depositing or withdrawing money.

Back

bank account

Front

Bank account used for payments via debit card, electronic withdrawal (ex. Zelle or Venmo), or written checks.

Back

checking account

Front

A plastic card from a bank or other institution authorizing the purchase of goods on credit.

Back

credit card

Front

An agreement between a company and a bank which allows an employee’s paycheck to be deposited directly into his or her bank account.

Back

direct deposit

Front

Total income or profit before deductions.

Back

gross amount

Front

Amount left over after all deductions are taken out.

Back

net amount

Front

The amount of money or its equivalent received during a period of time in exchange for labor or services.

Back

income

Front

Money earned on savings/investments OR money paid for the use of borrowing funds.

Back

interest

Front

A bank account used to save money over a period of time that earns interest.

Back

savings account