Front

What is financial literacy?

Back

Financial literacy is the ability to understand and manage your money effectively, including budgeting, saving, and making informed financial decisions.

Front

What does it mean to borrow money?

Back

To borrow money means to take money from someone with the agreement that you will pay it back later, often with interest.

Tags

CCSS.RI.2.4

CCSS.RI.3.4

CCSS.RI.4.4

CCSS.RL.3.4

CCSS.RL.4.4

Front

What is interest?

Back

Interest is the extra money you pay back when you borrow money, usually expressed as a percentage of the amount borrowed.

Tags

CCSS.7.RP.A.3

Front

What is a budget?

Back

A budget is a plan that helps you manage your money by outlining how much you earn and how much you spend.

Front

What is saving?

Back

Saving is setting aside money for future use instead of spending it right away.

Tags

CCSS.RI.1.5

CCSS.RI.2.5

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

Front

What is a piggy bank?

Back

A piggy bank is a container used to store coins and small amounts of money, often used by children to save.

Tags

CCSS.RI.2.4

CCSS.RI.3.4

CCSS.RI.4.4

CCSS.RL.3.4

CCSS.RL.4.4

Front

What does it mean to pay back a loan?

Back

To pay back a loan means to return the money you borrowed to the lender, usually with any agreed-upon interest.

Tags

CCSS.RI.2.3

CCSS.RI.2.5

CCSS.RI.3.3

CCSS.RI.3.5

CCSS.RI.4.3

Front

What is a price?

Back

A price is the amount of money required to purchase a good or service.

Tags

CCSS.7.EE.B.3

Front

What happens to prices when there is less of a product available?

Back

When there is less of a product available, the price usually increases because demand exceeds supply.

Front

What is a bill?

Back

A bill is a statement of money owed for goods or services received.

Tags

CCSS.RI.2.3

CCSS.RI.3.3

CCSS.RI.3.5

CCSS.RI.4.3

CCSS.RI.4.5