Purpose of Banks

Front

What is the purpose of a bank?

Back

To keep money safe, provide loans, and offer financial services.

Front

What is a savings account?

Back

A bank account where you can save money and earn interest.

Front

What is interest?

Back

The money paid by a bank to you for keeping your money in a savings account.

Tags

CCSS.7.RP.A.3

Front

What is a check?

Back

A written order to a bank to pay a specific amount of money from your account.

Tags

CCSS.RI.3.3

CCSS.RI.3.5

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

Front

What is budgeting?

Back

A plan for how to spend and save your money.

Front

What is a fixed expense?

Back

An expense that does not change from month to month, like rent.

Front

What is a variable expense?

Back

An expense that can change each month, like groceries or gas.

Front

What does it mean to save money?

Back

To set aside money for future use instead of spending it.

Tags

CCSS.RI.3.4

CCSS.RI.4.4

CCSS.RL.3.4

CCSS.RL.4.4

CCSS.RL.5.4

Front

What is earning income?

Back

Getting money from work or investments.

Front

What is a loan?

Back

Money borrowed from a bank that must be paid back with interest.