Personal Financial Literacy Vocabulary

Front

What is Interest?

Back

A charge that is paid to a lender in return for borrowing money.

Front

What does it mean to Borrow?

Back

To get money or goods that will have to be returned from a person or bank.

Front

What is an Unplanned Expense?

Back

An unexpected cost that arises, such as a flat tire.

Front

Give an example of an Unplanned Expense.

Back

Your puppy ate a toy car and had to go to the Vet.

Front

What is Income?

Back

Money you earn by working.

Front

What is Credit?

Back

An agreement that allows you to borrow money or receive goods with the promise to pay later.

Front

What is a Debit?

Back

An amount of money taken out of your bank account.

Front

What is a Bank Account?

Back

A place where you can keep your money safe and manage your finances.

Front

What is a Planned Expense?

Back

A cost that you expect and budget for, like buying school supplies.

Front

Give an example of a Planned Expense.

Back

Buying a new backpack for school.