Financial Literacy

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What is a transaction?

Back

A transaction is an action of depositing or withdrawing money from a financial account.

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What is a debit card?

Back

A debit card is a plastic payment card linked to a financial account, used for transactions.

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What does it mean to deposit money?

Back

To deposit money means to put money into a bank account.

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What is a bank balance?

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A bank balance is the amount of money available in a bank account at a given time.

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What is the purpose of a checking account?

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A checking account is used for everyday transactions, allowing deposits and withdrawals.

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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.

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What is interest?

Back

Interest is the cost of borrowing money or the earnings from saving money, usually expressed as a percentage.

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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 deposited.

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What does it mean to withdraw money?

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To withdraw money means to take money out of a bank account.

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What is a financial institution?

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A financial institution is an organization that provides financial services, such as banks and credit unions.