Financial Literacy Flashcards (IAFK)

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10-10-10-70 Principle

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A type of budget where you save 10%, invest 10%, share 10%, and spend 70%.

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Balance

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The amount of money that is remaining in a bank account or on a loan.

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Bank

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A business that makes money by safely storing money in customers' accounts and lending out money to borrowers. Banks pay depositors interest and charge borrowers interest.

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Career

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A type of work that someone chooses to do and studies or trains for.

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Cost

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The amount that an entrepreneur must spend in order to operate a business.

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Credit Card

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A type of loan that can be used over and over. With credit cards, a borrower can spend money online and at cash registers.

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Credit Union

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A not-for-profit business that safely stores customers' money in accounts and lends out money to borrowers. Credit unions pay depositors interest and charge borrowers interest.

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Debit Card

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A type of card that is attached to a checking account and allows the cardholder to withdraw money online, at ATMs, and at cash registers.

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Deposit

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Money that is placed in a bank account or the act of putting money in a bank account.

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Entrepreneurs

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People who start their own businesses and work for themselves. They hope to make a profit but take the chance of losing money or their business.