This additional percentage is the interest. It is the best platform to gain knowledge about financial management. The proficiency strands understanding, fluency, problem-solving and reasoning are an integral part of mathematics content across the three content strands: number and algebra, measurement and geometry, and statistics and probability. Personal Identification Number (PIN) = The unique pass code number you use to get access to your savings and/or checking account. You’re entitled to view a FREE copy of your credit report once a year at each of the three major credit bureaus. financial form that shows charges, amounts paid, and balance due: statistical data record containing basic facts about a patient, such as address, place of employment, insurance, and similar items stereotyping process of assuming that everyone in a particular group is the same sterile free of all organisms, including spores and viruses Credit Card = Card that enables holder to charge expenses for purchases or to get money, often with interest; synonymous with âbuy now, pay later.â. 19 Words for a Healthy Financial Literacy Vocabulary, 7 Simple Tips for How to Manage Credit Cards Wisely, Enroll in Direct Deposit for these 7 Incredible Benefits, What You Need to Know about White Rose’s Overdraft Fees, Ask These 7 Questions Before Choosing Your Next Savings Account. Financial literacy vocabulary by= Natalie Baker scholarship scholarship=money given for good work at school and dont have to gove money back Deposit deposit= when you put money in the bank in your bank account. 1.3k plays . In fact, the report does not list this helpful bit of information. Fraud = Intentional misrepresentation of information with the intent to deceive or mislead. Grace Period = On a credit card, the length of time you have before you start accumulating interest on an unpaid balance. This report is a compilation of your entire credit history. Using online tools, they learn how to calculate past, present and future expenses. Back-end load = A sales charge paid when investments are sold. Debit Card = A card used to pay for goods and services directly from a checking account by transferring funds electronically from oneâs checking account to the storeâs account to pay for a purchase; also called check cards. Your credit score is determined based on the information in this report. Front-end load = A sales charge paid when investments are purchased and sometimes when dividends are reinvested. Bait and switch = An illegal sales technique in which sells advertise a product with the intention of persuading customers to buy a more expensive product. STUDY. Financial literacy became a regulatory concern with the Blue Ribbon Committee report (Blue Ribbon Committee, 1999) that recommended that every public company should have an AC comprising at least three financially literate members. Opportunity Cost = Whenever choices are made, the cost of something expressed in terms of what had to be given up to obtain it. Divide 72 by the interest to determine the number of years it will take money to double. A direct deposit is an Automated Clearing House (ACH) transaction, where your payment is electronically transferred to your chosen bank account. The last strand introduces students to simple economic principles and decisions. Additionally, the extent of … We talk more about budgets in 3 Money Saving Techniques Anyone Can Use. Amman Financial Market (AFM) Amman Stock Exchange. Money market account = an interest-bearing ac- count that offers limited check-writing privileges. Budget = A plan for managing money, dividing up expected income and expenses among spending and saving options based on personal goals during a given time period. Capital Loss = The difference when an investor ends up selling a stock at a lower price than the purchase price. Minimum payment = the smallest amount a per- son is required to pay in a given month on an open- ended credit account. Guides individuals to think through all components of making a good decision for a major decision. See more ideas about financial literacy, literacy, financial. ACH stands for Automatic Clearing House. Revolving credit = an open-ended account with a limit to how much can be borrowed but no time limit for repayment. Net worth = The difference between a personâs assets and liabilities. Savings = Money set aside for short-term goals. Liquidity = The ease with which an asset can be converted to cash without serious loss. Financial Literacy Chapter 1. compound interest. Advertising- To call public attention to, especially by pointing out desirable qualities so as to create a desire to buy or do business with. Financial literacy is a relative term and difficult to quantify for the fact that it depends on the financial system in which individuals and communities operate (Brascoupé and Weatherdon, 2013). Time value of money = The relationship between time, money, and rate of return (interest), and their effect on earnings growth. Decision. Mutual Fund = An investment security that is actually a diversified portfolio of equities, bonds, or other securities. Play this game to review Word Problems. You have clicked on a link that is taking you away from the White Rose Credit Union website. At credit unions, these accounts are often called share accounts because they represent your stake in ownership as a member. Fun, Easy-to-Use Teacher Resources & Lesson Plans in English and French to Bring Financial Literacy Into the Classroom . This rate shows the annual cost of interest over the principal amount of a loan. Read our article, What You Need to Know about White Rose’s Overdraft Fees, to get a detailed breakdown of the topic. The interest will be calculated on any amount not paid back within a month of purchase. Share Account = The credit union term for a savings account. Profit = The difference between the costs required to create a product or supply a service that can be bought with it. Yvonne M. Smith PhD, APRN -CNS. 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