Money, Banking, Saving, and Investing Key Terms. bank A business whose main purpose is to receive deposits and make loans.

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Presentation transcript:

Money, Banking, Saving, and Investing Key Terms

bank A business whose main purpose is to receive deposits and make loans.

assets Anything owned to which a market value can be assigned.

credit card a card authorizing the user to buy goods and services with funds borrowed from the bank, store, or other business that issued the card.

debit card A card authorizing the user to access his or her own funds on deposit in a bank account. A debit card can be used to buy goods and services or to withdraw money directly from an account.

saving Setting aside a portion of income for use in the future.

interest A periodic payment for the use of borrowed funds. When calculated as a simple percentage of the amount borrowed, this payment is also known as simple interest.

principal The amount of money borrowed, or the amount of money still owed on a loan, apart from the interest.

diversification A method of lowering risk by investing in a wide variety of financial assets.

investing Using money with the intention of making a financial gain.