FINANCIAL LITERACY

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What is Financial Literacy?

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The ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

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What is a Credit Report?

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A detailed report of an individual's credit history, including information about credit accounts, payment history, and outstanding debts.

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True or False: Negative information stays on your credit report for 7-10 years.

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True

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What is a Deposit?

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To put money into an account.

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What is a Withdrawal?

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To take money out of an account.

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What is Interest?

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

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What is a Budget?

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

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What is a Savings Account?

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A bank account that earns interest on the money deposited.

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What is Credit?

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Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date.

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What is a Loan?

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Money borrowed that is expected to be paid back with interest.