Purpose of Banks

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What is the purpose of a bank?

Back

To keep money safe, provide loans, and offer financial services.

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What is a savings account?

Back

A bank account where you can save money and earn interest.

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What is interest?

Back

The money paid by a bank to you for keeping your money in a savings account.

Tags

CCSS.7.RP.A.3

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What is a check?

Back

A written order to a bank to pay a specific amount of money from your account.

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CCSS.RI.3.3

CCSS.RI.3.5

CCSS.RI.4.3

CCSS.RI.4.5

CCSS.RI.5.3

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What is budgeting?

Back

A plan for how to spend and save your money.

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What is a fixed expense?

Back

An expense that does not change from month to month, like rent.

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What is a variable expense?

Back

An expense that can change each month, like groceries or gas.

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What does it mean to save money?

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To set aside money for future use instead of spending it.

Tags

CCSS.RI.3.4

CCSS.RI.4.4

CCSS.RI.5.4

CCSS.RL.3.4

CCSS.RL.4.4

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What is earning income?

Back

Getting money from work or investments.

Front

What is a loan?

Back

Money borrowed from a bank that must be paid back with interest.