This is part of a collection of definitions on Financial Literacy. This defines the term fee.
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Algebra >> Expressions, Equations, and Inequalities >> Numerical and Algebraic Expressions

Definition--Financial Literacy--Fee

Fee

Fee

Topic

Financial Literacy

Definition

A fee is a fixed charge or payment for a service or privilege, often associated with banking, legal, or professional services.

Description

Fees are common in various transactions, representing the cost of accessing services or privileges. They can be one-time or recurring and vary based on the service provided. Understanding fees is crucial for financial management and budgeting. In real-world applications, fees can significantly impact the cost of services, influencing consumer choices. In math education, fees introduce students to cost analysis, budgeting, and financial literacy. A teacher might explain, "A fee is like a price you pay for a service, such as using a bank account or hiring a lawyer."

Fee
When you use an ATM to withdraw money, 
you are usually charged a fee.

For a complete collection of terms related to Financial Literacy click on this link: Financial Literacy Collection.

Common Core Standards CCSS.MATH.CONTENT.HSA.CED.A.1
Grade Range 8 - 10
Curriculum Nodes Algebra
    • Expressions, Equations, and Inequalities
        • Numerical and Algebraic Expressions
Copyright Year 2023
Keywords financial literacy, fee