Checks and Registers
This tool is used to record deposits, withdrawals, and balances
Check Register
Why are deductions removed from a paycheck?
To pay taxes
A fee charged for spending more money than is available in an account.
Overdraft fee
Expenses that remain the same each month
Fixed expenses
This type of banking allows customers to access accounts through a smartphone app.
Mobile banking
Money added to an account
Deposit
Which type of pay provides a fixed amount each year
Salary
A student deposits $300 from a summer job into savings each month for 3 months. How much is saved?
$900
A student has no emergency fund and faces a $500 car repair. What financial challenge may occur?
Debt, borrowing money, or missed payments
What is a PIN?
Personal Identification Number
Starting balance is $1,250. Deposit $300. Write a check for $175.25. Make a debit card purchase for $44.75. What is the ending balance?
$1,330.00
Most overtime begins after how many hours in a workweek?
40 hours
Explain one advantage of using a savings account instead of keeping cash at home
Money is safer and may earn interest.
A student earns $1,800 per month and pays $900 for rent. What percentage of income goes to rent?
50%
Why should account holders monitor transactions regularly?
To identify fraud or errors quickly.
A document from the bank showing activity
Bank statement
What is gross pay?
Total earnings before deductions
A savings account contains $750 and earns $15 in interest. What is the new balance?
$765
Give two examples of periodic expenses.
Car registration, Property taxes
What is the biggest advantage of mobile banking?
24/7 access to accounts from almost anywhere.
This section explains why the check is being written
Memo line
Name one deduction found on a paycheck
Taxes, Social Security, Medicare, Insurance, Retirement
A person keeps all their money in checking and none in savings. What financial risk could this create?
They may have no emergency fund for unexpected expenses.
Income = $4,000. Needs = 50%, Wants = 30%, Savings = 20%.
How much should go toward savings?
$800
If you deposit $1,000 into a savings account earning 5% simple interest for 1 year, how much interest will you earn?
$50