Financial Literacy Flashcards

Front

The U.S. dollar is considered __________ money, meaning it is not backed by a physical commodity like gold or silver.

Back

Fiat

Front

The U.S. dollar is also known as __________, meaning it must be accepted as payment.

Back

Legal Tender

Front

__________ refers to how easily an asset can be converted into cash.

Back

Liquidity

Front

The __________ insures bank deposits up to $250,000, ensuring your money is safe.

Back

FDIC

Front

A __________ is a contract you write to instruct your bank to make a payment.

Back

Personal Check

Front

If you do not have enough funds in your account, your check may __________ due to __________ funds.

Back

Bounce, Insufficient

Front

Setting up __________ allows bills to be paid automatically from your checking account.

Back

Auto Payment

Front

A __________ account typically earns interest and is best for storing money over time.

Back

Savings

Front

A __________ account allows easy access to funds for daily transactions.

Back

Checking

Front

A __________ is a summary of account activity provided by a bank each month.

Back

Bank Statement