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 checking account?

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A checking account is a type of bank account that allows you to deposit money, withdraw funds, and write checks.

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What does it mean to deposit money?

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To deposit money means to add funds to your bank account.

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What is a debit card?

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A debit card is a payment card that deducts money directly from your checking account to pay for a purchase.

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What is a credit card?

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A credit card is a payment card that allows you to borrow money from the card issuer up to a certain limit to make purchases.

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What is a bank fee?

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A bank fee is a charge that a bank may impose for various services, such as account maintenance or ATM usage.

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What is a withdrawal?

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A withdrawal is the act of taking money out of your bank account.

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What is a balance in a bank account?

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The balance is the amount of money currently available in your bank account.

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What does it mean to make a purchase?

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To make a purchase means to buy goods or services in exchange for money.

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What is budgeting?

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Budgeting is the process of creating a plan to spend your money, ensuring you have enough for your needs and goals.