3rd Grade Financial Literacy

Front

What is credit?

Back

Credit is allowing goods and services to be used now with a promise of payment in the future.

Front

What is interest?

Back

Interest is the money paid by a borrower to a lender for the use of the lender's money.

Front

What does interest mean in borrowing?

Back

Interest is the amount owed for borrowing money.

Front

What are expenses?

Back

Expenses are the costs incurred in the process of selling goods or services.

Front

How much are Sawyer's expenses if she pays $2.00 for beads and $2.50 for string?

Back

Her expenses are $4.50.

Front

What is the value of 3 dimes and 1 penny?

Back

The value is 31¢.

Front

What is a borrower?

Back

A borrower is a person who takes money from a lender with a promise to pay it back.

Front

What is a lender?

Back

A lender is a person or organization that gives money to a borrower with the expectation of being paid back.

Front

What does it mean to save money?

Back

Saving money means setting aside a portion of income for future use.

Front

What is a budget?

Back

A budget is a plan for how to spend and save money.