Financial Literacy Vocabulary, without pictures, Topic 16

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Terms in this set (16)
budgetA plan for how much income will be received and how it will be cardKeeps a record of money spent (may have to pay fees) Fast and easy (can spend more than you have) Accepted most places. Works like a loan (you may have to pay interest)debit cardFast and easy (may not be accepted) Get a record of money spent (may spend more than you budgeted) Works like an electronic check (money immediately removed from your account)write a checkGet a record of money spent (may not be accepted) Safe way to mail a payment (may have bank fees) -Takes time to fill out while others are waiting -Can spend more than you have (against the law)payroll taxesEmployers take this out of your paycheck to send money to the state and/or federal government.electronic paymentUses the Internet to tell your bank to pay your bills with money from your checking account.