Terminology
The term used to put money into an account
What is deposit?
The card you use to buy now and pay later.
What is credit card?
The amount of money earned, before taxes are removed.
What is Gross Pay?
The name of the machine which allows multiple options with one including someone inserting a card to withdrawal money.
What is ATM - automated teller machine?
Money set aside for an emergency.
What is a savings?
The term used to take money out of an account.
What is withdrawal?
The smallest payment you are allowed to make toward the balance due on your bills.
What is a minimum payment?
"take-home" pay, or what is left after deductions are taken out of your paycheck.
What is Net Pay?
This is needed for ATM transactions to allow you to access your account.
Extra 100 points for what the letters stand for -
if wrong no negative points on the extra 100 points, regular rules apply for the top answer above
What is PIN - personal identification number?
Money that is owed.
What is Debt?
A check that is returned due to insufficient funds.
What is a Bounced Check?
The amount of money that is due on a loan or the amount of money in your bank account.
What is Balance?
An expense that can be subtracted from an individual or married couple's gross income in order to reduce the amount that is subject to income tax.
What are Deductions?
The stealing of personal information to commit crimes
What is Fraud or Identity Theft?
An estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis.
What is a Budget?
Money the bank pays you for keeping your money in an account or the money you owe on money you borrow.
What is interest?
The penalty for when you don't pay your bill on time
What is a Late Fee?
Signing your name as payee on the back of your check
What is Endorse?
Not a typical financial institution and more favorable towards loan approval and lower APR's.
What is a Credit Union?
Money, or some equivalent value, that an individual or business receives in exchange for providing a good or service or through investing capital. This is used to fund day to day expenditures. This is also commonly referred to as "Gross Revenue".
What is an Income or Salary?
*NOT Profit - Not funded for day to day expenditures, and it is NOT commonly known as "Gross Revenue" *
A record that is made by an official company that shows your deposits, withdrawals and account balance.
What is a Bank Statement?
*NOT check registry - it is not made by an official company / NOT Credit Report - doesn't show deposits, or withdrawal
This lists shows your debts and/or loans, your score, derogatory marks, and a few other items.
What is a Credit Report?
The name of the federal act that takes out paycheck deductions for Social Security.
*Extra 300 points for the what the letters stand for* - if wrong no negative points on the extra 300 points, regular rules apply for the top answer above
What is FICA - Federal Insurance Contributions Act?
The name of the federal agency that insures bank accounts.
An extra 300 points for stating what the letters stand for-
if wrong no negative points on the extra 300 points, regular rules apply for the top answer above
What is FDIC - Federal Deposit Insurance Corporation?
The cost of operations that a company incurs to generate revenue/ The money that something costs you or that you need to spend in order to do something.
*Extra 200 points for an example of this*
If wrong there will not be any negative points for the extra 200 points, regular rules apply for the top answer above
What are Expenses?