Personal Financial Literacy

Front

What is a withdrawal?

Back

A withdrawal is when money is taken out of a bank account.

Front

What is a deposit?

Back

A deposit is when money is added to a bank account.

Front

What is profit?

Back

Profit is the money earned after all expenses are paid.

Front

What is interest?

Back

Interest is the extra money that must be paid back to the bank on a loan.

Front

What are variable expenses?

Back

Variable expenses are costs that can change, like snacks or gas.

Front

What is a budget?

Back

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

Front

How do you calculate profit?

Back

Profit = Total Income - Total Expenses.

Front

What is an expense?

Back

An expense is money spent on goods or services.

Front

What is a fixed expense?

Back

A fixed expense is a cost that does not change, like a car payment.

Front

If you sell a sandwich for $1.50 and it costs $0.75 to make, what is your profit?

Back

Your profit is $0.75.