6.14 Financial Literacy

Front

What is Financial Literacy?

Back

Financial Literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

Front

Why is budgeting important?

Back

Budgeting is important because it helps individuals plan their spending, save for future goals, and avoid debt.

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

Front

What does it mean to save money?

Back

Saving money means setting aside a portion of your income for future use, rather than spending it all.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.5

Front

What is an expense?

Back

An expense is any cost incurred in the process of buying goods or services.

Front

What is income?

Back

Income is the money received, typically on a regular basis, for work or through investments.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.5

Front

What is the difference between needs and wants?

Back

Needs are essential items required for survival (like food and shelter), while wants are non-essential items that enhance quality of life (like toys and luxury items).

Tags

CCSS.RI.6.2

CCSS.RL.5.2

CCSS.RL.6.1

CCSS.RL.6.2

CCSS.RL.7.1

Front

What is a savings account?

Back

A savings account is a bank account that earns interest on the money deposited and is used for saving money.

Front

What is interest?

Back

Interest is the cost of borrowing money or the earnings from saving money, usually expressed as a percentage.

Tags

CCSS.7.RP.A.3

Front

What is a loan?

Back

A loan is a sum of money borrowed that is expected to be paid back with interest.

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5