Bank Statements
Questions
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Bank Terms
Saving Strategies
100
The amount of money you have in your bank account
balance
100
Fill in the blank: If inflation is higher than your savings account interest rate then you will be ______________ purchasing power.
losing
100
Reinvesting earned interest back into the principal to allow money to grow exponentially over time
Compound Interest
100
A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check
Debit Card
100
A method of saving whereby you put a fixed amount of income into a savings account before you pay monthly bills or make purchases
Pay Yourself First
200
What are the dates for this statement period?
October 9th, 2003-Novemebr 8th, 2003
200
You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?
From your checking account
200
Experts recommend that you accumulate enough to cover __ to __ months of expenses in your emergency fund.
3-6
200
A card that allows the holder to make purchases without cash by borrowing money
Credit Card
200
A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time
(CD) Certificate of Deposit
300
How often do customers typically receive a bank statement for their checking account?
Monthly
300
What precaution can individuals take to avoid falling victim to scams on P2P payment apps?
Contacting their banks directly
300
Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.
Employer, paycheck
300
Automatic Teller Machine. Allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.
ATM
300
I was just paid $200 on my last paycheck. If I want to use the 50-30-20 rule of saving, how much money should I put in my savings account?
$40
400
Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business
FDIC Insurance
400
What is the primary purpose of a digital wallet?
Contactless payment to businesses
400
A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card
Interest
400
Juan saved $1,000 from his summer job cleaning pools. What savings account type would work best for him if he doesn't need access to the money for a set number of years AND wants to earn the highest interest rate?
Certificate of Deposit
400
Money set aside for unanticipated expenses or loss of income
Emergency Fund
500
On what date was this account charged an over-draft fee to account?
November 7th, 2003
500
Why can online banks offer higher interest rates on savings accounts than traditional banks?
Online banks have less overhead than traditional banks
500
Using most or all of your monthly income to cover your monthly expenses, leaving little to no spare cash for saving or investing
Living Paycheck to Paycheck
500
A monthly document prepared by your financial institution which shows all of the transactions related to your account
Bank Statement
500
According to the pay yourself first strategy, when should you put money into your savings account?
after you've bought your essentials