Personal Financial Literacy

Front

Who is the consumer in a transaction?

Back

The consumer is the person who buys and uses goods or services.

Front

What does it mean to borrow?

Back

To borrow means to take something from someone with the intention of returning it later.

Front

What is responsible borrowing?

Back

Responsible borrowing is when you borrow money and pay it back on time.

Front

What is a withdrawal?

Back

A withdrawal is when you take money out of your bank account.

Front

What is a deposit?

Back

A deposit is when you put money INTO a bank account.

Front

What is saving?

Back

Saving is setting aside money for future use.

Front

What is spending?

Back

Spending is using money to buy goods or services.

Front

What is lending?

Back

Lending is giving something to someone with the expectation that it will be returned.

Front

What is a bank?

Back

A bank is a place where people keep their money safe and can borrow money.

Front

What is a budget?

Back

A budget is a plan for how to spend and save money.