6th Grade 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 is a debit card?

Back

A debit card is a payment card that withdraws money directly from a checking account to pay for purchases.

Front

What is a scholarship?

Back

A scholarship is a financial aid award given to a student based on academic or other achievements to help pay for education.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit to make purchases.

Front

What does it mean to have a budget?

Back

Having a budget means creating a plan for how to spend your money, ensuring you do not spend more than you earn.

Front

What is an opening balance?

Back

The opening balance is the amount of money in an account at the beginning of a financial period.

Front

What is a final balance?

Back

The final balance is the amount of money remaining in an account after all transactions have been accounted for.

Front

What is interest?

Back

Interest is the cost of borrowing money, usually expressed as a percentage of the amount borrowed.

Front

What is a loan?

Back

A loan is a sum of money that is borrowed and is expected to be paid back with interest.

Front

What is a work-study program?

Back

A work-study program is a financial aid program that allows students to work part-time while attending school to help pay for their education.