Banzai Financial Literacy Vocabulary

Account

• arrangement with a bank allowing you to deposit and withdraw money

• plan used to decide the amount of money to spend

• account where money can be withdrawn w/ checks or a debit card

• total amount of a paycheck before taxes

debit card

• money placed into an account

• allows you to make purchases and pay for them at a later date, like a loan

• a produce offered by a company promising to protect you from specific financial risks

• used to make purchases with funds directly from a checking account; your own money

checking account

• account used to make purchases and pay for them at a later date

• account where money can be withdrawn with checks or a debit card

• account for storing and saving money with limited withdrawals

• money taken out of an account

transfer

• a term used to reference water, gas, electric or other home services

• when money is moved from one account to another

• covers your personal property in a rented apartment or home

• a budget category where you would budget groceries

a budget category where you budget for miscellaneous expenses such as entertainment

• other

• food

• medical

• savings

a special budget where you save for a goal

• other

• food

• home

• reserves

money received, especially on a regular basis, for work or through investments

• savings

• debt

• income

• credit

a fee charged to your account when you spend more money than you have

• insurance

• debit

• gross pay

• overdraft

the amount of a paycheck after all taxes are subtracted - take home pay

• gross pay

• transfer pay

• net pay

• credit

a product offered by a company promising to protect you from specific financial risks

• interest

• insurance

• loan

• credit