Financial Literacy

2. Money you owe because you borrowed it and need to pay it back.
4. The electronic transfer of a payment, often a paycheck, directly from the payer’s account to the recipient’s account.
7. account: A bank account that allows easy access to funds for everyday transactions.
8. Occurs when money is withdrawn from a bank account and there are not sufficient funds to cover it.
11. Extra money you pay when you borrow money, or money you earn from saving it, usually shown as a percentage.
12. Money that you borrow and have to pay back later, usually with extra money on top called interest. An example of this is a mortgage.

1. card: A payment type that creates a loan, meaning you have to pay back the purchase amount plus interest at a later time.
3. Money you spend on things you need or want, like bills or snacks.
5. tax: A type of tax that you pay on the money you earn from working.
6. account: A bank account that earns interest over time and is typically used for storing money that you’re not going to use right away.
9. Money that the government charges people to pay for things like schools, roads, and public services.
10. Money you earn from working or from things you own that make money, like a business.