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Financial Literacy Vocabulary

AB
Depositput money into an account
withdrawtake money out of an account
savings accountmoney stored in a bank. Earns interest, not easily accessible
Checking AccountMoney stored in a bank. Easily accessed with checks.
cashCurrency in the form of coins and paper bills
checkLegal document that withdraws money from an account
Check NumberVery Important! Used to track money withdrawn from checking account
Credit CardProvides the ability to purchase and take with you, but pay later
Debit CardAllows for immediate payment by withdrawing money automatically from checking account
SignatureUnique representation of one's name used to authorize money transer
RentAmount paid, usually monthly by the tenant in exchange for permission to use a particular space, either residential or commercial
Security DepositAn amount of money given to the landlord, to be used in the event that damage is caused in the rented unit that is the responsibility of the tenant
TenantPerson or organization renting a residential or commercial space
LandlordPerson or organization that owns or manages rental space
SalaryAmount of money earned from one's job
IncomeTotal amount of money one brings in, both in salary as well as financial gifts, interest, rental property, etc.
GrossAmount before deductions
NetAmount leftover after deductions
DeductionsMoney taken from salary for taxes, insurance, union dues, retirement, etc.



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