6th Grade Financial Literacy Vocabulary

Front

What is the starting balance on a check register?

Back

The initial amount of money available in a check register before any transactions are made.

Front

What are scholarships and grants?

Back

Financial aid that does not have to be paid back.

Front

What is a budget?

Back

A plan for how you spend your money.

Front

What is a credit score?

Back

A numerical representation of a person's creditworthiness, used by lenders to evaluate the risk of lending money.

Front

What is a debit card?

Back

A card that allows you to access your bank account to make purchases or withdraw cash.

Front

What is the difference between a loan and a grant?

Back

A loan must be paid back with interest, while a grant does not have to be repaid.

Front

What is interest?

Back

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

Front

What is a checking account?

Back

A bank account that allows for deposits and withdrawals, typically used for everyday transactions.

Front

What is a savings account?

Back

A bank account that earns interest on the money deposited, used for saving money.

Front

What is an ATM?

Back

Automated Teller Machine, a machine that allows you to withdraw cash or check your account balance.