Financial Literacy

Front

What is financial literacy?

Back

Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

Front

What type of account usually pays interest?

Back

Savings account.

Front

What does ATM stand for?

Back

ATM stands for Automatic Teller Machine.

Front

What is a direct deposit?

Back

A direct deposit is when your paycheck is electronically transferred into your bank account without you having to take it to the bank.

Front

What happens if you spend more money than is in your account?

Back

Your bank will charge you a fee.

Front

What is a debit card?

Back

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

Front

What is a checking account?

Back

A checking account is a bank account that allows for numerous withdrawals and deposits, and is often used for daily transactions.

Front

What is a savings account?

Back

A savings account is a bank account that earns interest on the money deposited and is used for saving money.

Front

What is a bank transaction?

Back

A bank transaction is any activity that involves the transfer of money in or out of a bank account.

Front

What is a bank fee?

Back

A bank fee is a charge that a bank imposes for various services, such as overdrafts or account maintenance.