Financial Literacy Vocabulary

Front

What does the term savings refer to?

Back

Money placed in a bank account that is not intended to be spent immediately.

Front

What is a degree that is given to a student by a college or university usually after one or two years of additional study following a bachelor's degree?

Back

Master's Degree.

Front

What term represents all education that takes place after high school?

Back

Post-secondary education.

Front

What is the amount of money in a bank account called?

Back

Balance.

Front

What is a scholarship?

Back

Money to help a student pay for their education.

Front

What is the purpose of a budget?

Back

To plan and track income and expenses.

Front

What does interest mean in financial terms?

Back

The cost of borrowing money or the earnings from savings.

Front

What is a loan?

Back

Money borrowed that must be repaid with interest.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from a bank account, while a credit card allows borrowing up to a limit.

Front

What is an expense?

Back

Money spent on goods and services.