Financial Literacy Basics Flashcards

Grade 5 · Social Studies · Flashcards

Essential money management terms every 5th grader should know.

Flashcards

Income: Money received regularly from work, a business, or other sources.
Expenses: Money spent on goods, services, or bills.
Budget: A plan that compares your income to your expenses to help you manage money wisely.
Savings: The portion of income not spent; money set aside for future use.
Needs: Things required for survival, such as food, water, clothing, and shelter.
Wants: Things desired but not essential for survival, such as toys, games, or eating out.
Interest: Money earned on savings (paid by the bank to you) or money owed on a loan (paid by you to the lender).
Surplus: The positive difference when income exceeds expenses; money left over after paying all costs.
Deficit: The negative difference when expenses exceed income; spending more than you earn.
Deposit: Money placed into a bank account for safekeeping.
Withdrawal: Money taken out of a bank account.
Donation: Money given voluntarily to a charity or person in need without expecting anything in return.
Wages: Money paid to a worker in exchange for their labor, usually calculated hourly or per job.