Financial Literacy Review

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What is Financial Literacy?

Back

Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

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What is a Budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their money.

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What does Saving mean?

Back

Saving is the process of setting aside a portion of income for future use, often in a savings account.

Tags

CCSS.RI.3.3

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

CCSS.RI.5.5

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What is an Expense?

Back

An expense is any cost incurred in the process of earning income, such as bills, groceries, and rent.

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What is Income?

Back

Income is the money received, typically on a regular basis, for work or through investments.

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What is a Bank?

Back

A bank is a financial institution that accepts deposits from the public, provides loans, and offers other financial services.

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What is Interest?

Back

Interest is the cost of borrowing money or the earnings from saving or investing money, usually expressed as a percentage.

Tags

CCSS.7.RP.A.3

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What is a Savings Account?

Back

A savings account is a bank account that earns interest on the money deposited and is used for saving.

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What is a Loan?

Back

A loan is a sum of money borrowed that is expected to be paid back with interest.

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

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What is a Credit Card?

Back

A credit card is a plastic card that allows the holder to borrow funds to make purchases, with the agreement to pay back the borrowed amount plus interest.