Personal Financial Literacy

Front

What is a deposit?

Back

A deposit is the act of adding money to a bank account.

Front

What mathematical operation is used when making a withdrawal from a bank account?

Back

Subtraction is used when making a withdrawal from a bank account.

Front

What is a good credit history?

Back

A good credit history is a record of a person's responsible borrowing and repayment of debts, which helps in getting loans and better interest rates.

Front

What is a scholarship?

Back

A scholarship is a form of financial aid awarded to a student based on academic or other achievements to help pay for education expenses.

Front

How do you calculate the difference in earnings over time?

Back

To calculate the difference in earnings over time, subtract the lower income from the higher income and multiply by the number of years.

Front

What is a withdrawal?

Back

A withdrawal is the act of taking money out of a bank account.

Front

What is the purpose of a check register?

Back

A check register is used to track deposits, withdrawals, and the balance of a bank account.

Front

What does it mean to have a higher credit limit?

Back

Having a higher credit limit means you can borrow more money on your credit card without exceeding the limit.

Front

What is the difference between a loan and a grant?

Back

A loan is money borrowed that must be repaid, while a grant is money given that does not need to be repaid.

Front

What is interest?

Back

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