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

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

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 luxury items).

Tags

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RL.6.1

CCSS.RL.6.2

CCSS.RL.7.1

Front

What is saving?

Back

Saving is the process of setting aside a portion of income for future use, often in a savings account.

Front

What is interest?

Back

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

Tags

CCSS.7.RP.A.3

Front

What is a bank?

Back

A bank is a financial institution that accepts deposits, offers loans, and provides various financial services.

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

Front

What is a loan?

Back

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

Front

What is a credit score?

Back

A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Front

What is an expense?

Back

An expense is any cost incurred in the process of earning income or maintaining a lifestyle.

Front

What is a financial goal?

Back

A financial goal is a specific objective related to money management, such as saving for a car or planning for retirement.