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 for deposits and withdrawals. It is used for everyday transactions.

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How do you calculate the new balance after writing a check?

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To find the new balance, subtract the amount of the check from the current balance.

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If you have $546.24 and write a check for $100.35, what is your new balance?

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$445.89

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What is a Deposit?

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A deposit is money placed into a bank account, increasing the account balance.

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If you have $106.15 and deposit $75.00, what is your new balance?

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$181.15

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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.

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Why is it important to track your spending?

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Tracking spending helps you understand where your money goes and aids in budgeting.

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What is Interest?

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Interest is the cost of borrowing money or the earnings from saving money, usually expressed as a percentage.

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What is a Savings Account?

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A savings account is a bank account that earns interest on the money deposited.