Financial Literacy

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What is an ATM?

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ATM stands for Automatic Teller Machine. It is a machine that allows you to withdraw money from your bank account.

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What is a transaction register?

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A transaction register is a booklet for recording money deposited or withdrawn from an account.

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What does 'withdraw' mean?

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To withdraw means to remove money from an account.

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What is a debit card?

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A debit card is a card that allows you to pay for things directly from your bank account without using cash.

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What is net pay?

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Net pay is the amount of money you take home after taxes and deductions are taken out of your paycheck.

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What is gross pay?

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Gross pay is the total amount of money you earn before any deductions are taken out.

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What is a bank?

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A bank is a financial institution that accepts deposits from the public and provides loans.

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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 you deposit.

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What is interest?

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Interest is the money paid by a bank to you for keeping your money in a savings account, or the money you pay to a bank for borrowing money.

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What is a budget?

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A budget is a plan that helps you manage your money by tracking your income and expenses.