Types
A type of bank account that allows for numerous withdrawals and deposits; typically used for everyday transactions.
What is a Checking Account?
A financial arrangement with a bank that allows individuals or businesses to deposit, withdraw, and manage money.
What is a bank account?
A document provided by a bank that summarizes all transactions (deposits, withdrawals, fees) that occurred within a specified period for a specific account.
What is a statement?
A tenant's regular payment to a landlord for the use of property or land.
What is rent?
A transfer of funds from one account to the other allowing your bank to cover transactions when your checking account doesn't have enough funds.
What is overdraft protection?
Money that is set aside and is not intended for immediate spending; often earns interest.
What is a Savings Account?
The management of large amounts of money, especially by governments or large companies; also refers to the study of how money is managed and invested.
What is Finance?
A situation where a bank account balance falls below zero due to withdrawals exceeding the available balance, resulting in fees or interest charges.
What is overdraft?
An organization supplying the community with electricity, gas, water, or sewerage.
What is an utility company?
Money received, especially on a regular basis, for work or through investments
What is income?
A plastic card issued by a bank that allows the holder to borrow funds up to a certain limit for purchases or cash advances, which must be paid back with interest.
What is a Credit Card?
The amount of money available in a bank account at any given time, which can be positive (available funds) or negative (overdraft).
What is balance?
The cost of borrowing money or the earnings from saving or investing money, typically expressed as a percentage rate over time.
What is Interest?
A purchase made that is not a need more like a want. e.i. eating out, movies, sporting event
What is a miscellaneous purchase?
An estimate of income and expenditure for a set time.
What is a budget?
Borrowed money that is expected to be paid back with interest over a specified period.
What is a Loan?
Money placed into a bank account, increasing the account balance.
What is a deposit?
A person's written name, used to authorize transactions, open accounts, or validate documents.
What is a signature?
A financial institution that accepts deposits and offers loans and other financial services to businesses and individuals.
What is a Commercial Bank?
The cost required for something; the money spent on something.
What is an expense?
A savings product offered by banks that pays a fixed interest rate for a specified term.
What is a Certificate of Deposit?
The movement of money from one account to another, which can occur within the same bank or between different banks.
What is a transfer?
An electronic payment method where funds are transferred directly into a bank account, typically used for payroll or government benefits.
What is a Direct Deposit?
A document that summarizes all the financial transactions in a bank account over a specific period of time.
What is a bank statement?
A charge that a financial institution may charge for having an account open. These fees are usually automatically withdrawn from your account each month.
What is a monthly maintenance?