Financial Literacy

Front

What is a fixed expense?

Back

A fixed expense is an expense that does not change from month to month, such as rent or a mortgage.

Front

What is a balance in a bank account?

Back

The balance is the amount of money that you have in your bank account.

Front

Are electricity and bike repairs considered variable expenses?

Back

True, they are variable expenses because they can change from month to month.

Front

What is profit?

Back

Profit is the money that you keep after all costs and expenses are paid.

Front

What is a deposit?

Back

A deposit is when you put money into a bank account for safe keeping.

Front

What is a variable expense?

Back

A variable expense is an expense that can change from month to month, like groceries or entertainment.

Front

What is a withdrawal?

Back

A withdrawal is when you take money out of your bank account.

Front

What is the purpose of a budget?

Back

A budget helps you plan how to spend your money and keep track of your expenses.

Front

What is a financial institution?

Back

A financial institution is a company that provides financial services, such as banks and credit unions.

Front

What does it mean to save money?

Back

To save money means to set aside a portion of your income for future use.