Financial Literacy

3 C's of Credit - Character(credit history), Capacity(ability to repay), Capital(assets) account balance - the total amount of money in a bank account availability - when products are in stock and able to be purchased easily balance - the total amount of money in a bank account at any given time balanced budget - an organized plan for money in which the total income equals the total expenses for a given period of time borrow - to obtain or use money from a bank or other person in order to purchase goods or services borrower - someone who is borrowing money with a plan to pay it back Capital - money for investment cash - paper money and coins check - a slip of paper that is filled out to allow a bank to take money from a checking account to pay for a purchase check register - a table for recording information about checks written on a bank account checking account - an account at a bank that allows a person to deposit or withdraw money and write checks to pay for goods and services comission - Payment paid to salespeople, usually calculated as a percentage of sales consumer - someone who uses money to buy goods credit - an amount of money that a lender or business allows a person to use to purchase goods and services with a promise to repay the money, usually with interest credit card - a card, issued by a bank, store, or other business, that is used to borrow money or buy goods and services on credit; consumers make regular payments to repay the bank, store, or business debit - an amount of money subtracted from a bank account balance debit card - a card issued by a bank that a consumer uses to pay for purchases with money from a checking account deduct - to SUBTRACT money from a total Deflation - A situation in which prices are declining deposit - money placed into a checking or savings account in a bank dividend - The portion of corporate profits paid out to stockholders