QC: Financial Literacy

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What is Financial Literacy?

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Financial Literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

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What is a Budget?

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A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

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What does it mean to Save Money?

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Saving money means setting aside a portion of income for future use, often in a savings account or investment.

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What is Interest?

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Interest is the cost of borrowing money or the return on investment earned on savings, usually expressed as a percentage.

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What is a Bank?

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A bank is a financial institution that accepts deposits from the public, provides loans, and offers other financial services.

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What is a Credit Score?

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A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

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What is Debt?

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Debt is money that is borrowed and must be repaid, often with interest.

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What is an Expense?

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An expense is any cost incurred in the process of earning income or maintaining a lifestyle.

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What is an Investment?

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An investment is an asset or item acquired with the goal of generating income or appreciation.

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What is a Financial Goal?

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A financial goal is a specific objective related to money management, such as saving for a car or retirement.