Personal Financial Literacy

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What is Personal Financial Literacy?

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Personal 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 debit card?

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A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a purchase.

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What is a credit score?

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A credit score is a numerical expression of a person's creditworthiness, based on their credit history.

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What is a bank deposit?

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A bank deposit is the act of placing money into a bank account, which increases the account balance.

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What is the purpose of automobile insurance?

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Automobile insurance provides financial protection against physical damage or bodily injury resulting from traffic collisions.

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What is online banking?

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Online banking is a service that allows customers to conduct financial transactions via the internet.

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What is the difference between a debit card and a credit card?

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A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit to make purchases.

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What does it mean to withdraw money from a bank account?

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Withdrawing money means taking funds out of your bank account, which decreases the account balance.

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What is a PIN?

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A PIN (Personal Identification Number) is a secure numeric code used to authenticate a user for transactions, especially with debit cards.

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What is a bank statement?

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A bank statement is a summary of all transactions in a bank account over a specific period, showing deposits, withdrawals, and the ending balance.