Financial Literacy Review

Front

What is a credit card?

Back

A card that allows you to borrow money to buy something (up to a certain amount) and then pay it back later, plus interest.

Front

What does using a credit card allow you to do?

Back

Purchase something now and pay for it later.

Front

What does deposit mean?

Back

To put money into an account.

Front

How long does a negative credit action usually remain on a credit report?

Back

7 years.

Front

What is cash?

Back

The physical form of money, such as coins or paper money.

Front

What is a debit card?

Back

A card that allows you to take money directly from your checking account to make purchases.

Front

What is an expense?

Back

Money that is spent on goods or services.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a certain period.

Front

What is interest?

Back

The cost of borrowing money, usually expressed as a percentage.

Front

What is a savings account?

Back

A bank account that earns interest on the money deposited.