Financial Literacy - 4th Grade STAAR

Front

What is a fixed expense?

Back

A fixed expense is a cost that does not change from month to month, such as rent or a subscription fee.

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What is a variable expense?

Back

A variable expense is a cost that can change from month to month, such as groceries or utility bills.

Front

What happens when you withdraw money from your bank account?

Back

You subtract money from your account balance.

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What is interest in terms of loans?

Back

Interest is the extra money you pay back to a lender on top of the amount you borrowed.

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What is a financial institution?

Back

A financial institution is an organization that provides financial services, such as banks and credit unions.

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What does it mean to borrow money?

Back

To borrow money means to take money from someone with the agreement to pay it back later.

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What is a loan?

Back

A loan is money that is borrowed and must be paid back with interest.

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What is a savings account?

Back

A savings account is a bank account that earns interest on the money deposited.

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What is a credit card?

Back

A credit card is a card that allows you to borrow money from a bank to make purchases.

Front

What is a deposit?

Back

A deposit is money placed into a bank account.