Financial Institutions

Front

What is a financial institution?

Back

A financial institution is an organization that provides financial services, such as banks, credit unions, and insurance companies.

Front

What is a loan?

Back

A loan is money that is borrowed and must be paid back with interest over time.

Front

What does it mean to deposit money?

Back

To deposit money means to put money into a bank account.

Front

What is a withdrawal?

Back

A withdrawal is the act of taking money out of a bank account.

Front

What is a credit card?

Back

A credit card is a card that allows you to borrow money from a bank to make purchases, which you must pay back later.

Front

What is interest?

Back

Interest is the extra money you pay back to a lender for borrowing money.

Front

What is a savings account?

Back

A savings account is a bank account where you can save money and earn interest on it.

Front

What is a checking account?

Back

A checking account is a bank account that allows you to deposit and withdraw money for everyday transactions.

Front

What does it mean to take out a loan?

Back

To take out a loan means to borrow money from a financial institution that you will pay back over time.

Front

What is a mortgage?

Back

A mortgage is a specific type of loan used to buy a house.