Financial Literacy

What are taxes?

• A fee received or paid for the use of money

• Required payments to the government

• A legal process that gives a debtor protection from creditors

• Goods or services that people cannot survive without, such as water, food, shelter, and clothing

  
  

What is debit?

• involves taking money directly from your bank account (spend what you have)

• Required payments to the government

• The possibility of financial loss or physical harm

What is interest?

• Money that is spent on goods, services, and bills

• A fee received or paid for the use of money

• Money owed

• Goods or services that people cannot survive without, such as water, food, shelter, and clothing

  
  

What is credit?

• Money that is spent on goods, services, and bills

• involves taking money directly from your bank account (spend what you have)

  
  

• involves borrowing money from a lender to pay back later, creating a debt

• A not-for-profit cooperative that offers bank services and is owned by its members

  
  

What is debt?

• Money owed

• Money that is spent on goods, services, and bills

•  A fee received or paid for the use of money

• Required payments to the government

What are needs?

• Required payments to the government

• Goods or services that make people more comfortable or content but which are not necessary for survival

  
  

• A fee received or paid for the use of money

• Goods or services that people cannot survive without, such as water, food, shelter, and clothing

  
  

What are abilities?

• 
  Goods or services that people cannot survive without, such as food, water and shelter

• A not-for-profit cooperative that offers bank services and is owned by its members

  
  

• 
  The things you do well

• What motivates you to want to succeed in life

  
  

What is a budget used for?

• Money received on a regular basis for work or through investments

• Required payments to the government

• Income remaining after all deductions have been taken

• A record of income and spending and a plan for managing money

What does it mean to invest?

• Money that is spent on goods, services, and bills

• A legal process that gives a debtor protection from creditors

• To commit money to gain a profit or earn interest

•  A grouping of jobs and industries related by skills or products

What are wants?

• Money that is spent on goods, services, and bills

• Goods or services that people cannot survive without, such as water, food, shelter, and clothing

  
  

• A legal process that gives a debtor protection from creditors

• Goods or services that make people more comfortable or content but which are not necessary for survival