Financial Literacy Vocabulary

What is a budget?

• A financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.

• A spending plan based on income and expenses for a specific period.

• The amount of money received by a person, group, or company during a specific time.

• A cost or charge.

What is an asset?

• A resource with economic value that an individual or corporation owns or controls with the expectation that it will provide a future benefit.

• A cost or charge.

• The amount of money someone sets aside not to spend.

• Something that is owed or due, usually money.

What is interest?

• A spending plan based on income and expenses for a specific period.

• A transaction involving a money transfer to another party for safekeeping.

• The cost of borrowing money, typically expressed as a percentage.

• the management of large amounts of money, especially by governments or large companies.

What is credit?

• A spending plan based on income and expenses for a specific period.

• A fixed annual payment paid for work; usually paid monthly or bi-weekly.

• The cost of borrowing money, typically expressed as a percentage.

• Money that a bank or business will allow a person to use and then pay back in the future.

What is income?

• A spending plan based on income and expenses for a specific period.

• A transaction involving a money transfer to another party for safekeeping.

• The amount of money received by a person, group, or company during a specific time.

• The amount of money someone sets aside not to spend.

What is a bank?

• A financial institution that accepts deposits from the public

• A cost or charge.

• Something that is owed or due, usually money.

• A spending plan

What is a deposit?

• The cost of borrowing money, typically expressed as a percentage.

• A fixed annual payment paid for work

• Something that is owed or due, usually money.

• A transaction involving a money transfer to another party for safekeeping.

What are expenses?

• A cost or charge.

• A resource with economic value that an individual or corporation owns or controls

• Money that a bank or business will allow a person to use and then pay back in the future.

• The cost of borrowing money, typically expressed as a percentage.

What is a salary?

• Money that a bank or business will allow a person to use

• A fixed annual payment paid for work; usually paid monthly or bi-weekly.

• the management of large amounts of money

• Something that is owed or due, usually money.

What are savings?

• A cost or charge

• The cost of borrowing money

• The amount of money someone sets aside not to spend.

• A spending plan