Personal Financial Literacy - Vocabulary

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What is a Debit Card?

Back

A plastic card used as a payment method when buying things, where the money comes directly from the user's bank account. It’s money you already have.

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What does it mean to Transfer money?

Back

To move money from one account to another account.

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What is Available Balance?

Back

The amount of money available in an account for a person, business, or organization to spend.

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What is a Savings Account?

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A bank account in which the money deposited earns interest, so there will be more money in the future than originally deposited.

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What is a Credit Card?

Back

A plastic card used as a payment method when buying things, where the money comes from a financial company that lends you the money to repay later.

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What is Interest?

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The cost of borrowing money, usually expressed as a percentage of the amount borrowed.

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What is a Bank?

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A financial institution that accepts deposits from the public and provides loans.

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What is a Loan?

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An amount of money borrowed that is expected to be paid back with interest.

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What is a Withdrawal?

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The act of taking money out of a bank account.

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What is a Deposit?

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The act of putting money into a bank account.