Personal Financial Literacy - Vocabulary

Front

What is a Savings Account?

Back

A bank account in which the money deposited earns interest, allowing for more money in the future than originally deposited.

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What is a Bank?

Back

A business where people deposit and withdraw their money and borrow money.

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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 Withdrawal?

Back

Money taken OUT of an account.

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What is a Transfer?

Back

Money moved from one account to another account.

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What is a Deposit?

Back

Money added INTO an account.

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What is Interest?

Back

The money earned on a savings account or paid on a loan, usually expressed as a percentage.

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What is a Debit Card?

Back

A card that allows you to withdraw money directly from your bank account.

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What is a Credit Card?

Back

A card that allows you to borrow money from a bank to make purchases, which you must pay back later.

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What is a Loan?

Back

Money borrowed that must be paid back with interest.