Financial Literacy Vocabulary Review

2. A financial institution that is licensed to accept checking and savings deposits and make loans.
4. The ability to understand and effectively apply various financial skills, including personal financial management, budgeting, and investing.
8. Debt is money you owe to another party, or a creditor.
9. A plan that details income and expenses over a period of time, to help support financial goals and money management.
10. Member-owned financial institutions that offer many of the same services as banks, but have other unique benefits, such as lower interest rates on loans.
11. A tool that allows you to borrow money to pay for goods and services with the agreement that you will pay the money back later, plus interest.

1. The act of distributing resources into something to generate income or gain profits.
3. A three-digit number that summarizes your "creditworthiness," signaling to banks how likely you are to repay borrowed money on time.
5. The ability to borrow money or access goods or services with the understanding that you'll pay later.
6. A payment card that deducts money directly from a consumer’s checking account to purchase goods or services.
7. A share of ownership in a company, with each individual unit of that ownership being called a "share.