VOCAB
What is the term for money that you earn from working?
What is income?
What type of account allows you to write checks and use a debit card for purchases?
What is a checking account?
What type of account is typically used to save money and earn interest?
What is a savings account?
What is a financial institution where people can deposit money, borrow money, and open accounts?
What is a bank?
What is a nonprofit financial institution owned by its members that provides similar services to a bank?
What is a credit union?
What do we call the amount of money that you can spend or save?
What is a budget?
What is a common feature of checking accounts that helps you track your spending?
What is a bank statement?
Your bank offers this on your savings
What is interest?
What is the type of bank service that allows customers to withdraw money and make deposits using an ATM
What is ATM service?
What is one benefit of joining a credit union instead of a bank?
What is lower fees or better interest rates?
What is the term for a bank's promise to pay back money that you deposit?
What is a deposit?
What is it called when you spend more money than you have in your checking account?
What is going into debt?
How often do many banks compound interest on savings accounts?
What is monthly?
What is the term for the government agency that insures deposits in banks?
What is the FDIC (Federal Deposit Insurance Corporation)?
What is typically required to become a member of a credit union?
What is meeting specific membership criteria (e.g., employment, community)?
What is the term for money that is borrowed and must be paid back?
What is a loan?
What is a fee that banks may charge for maintaining a checking account?
What is a monthly maintenance fee?
What is a limitation often associated with withdrawals from savings accounts?
What is a limited number of withdrawals per month?
What is a common type of loan provided by banks for purchasing a house?
What is a mortgage?
How do credit unions generally differ from banks in terms of profits?
What is credit unions return profits to members rather than shareholders?
What do we call the practice of setting aside money for future use?
What is saving?
What is one advantage of having a checking account over keeping cash?
What is safety or convenience?
What is one reason why saving money in a bank is safer than keeping it at home?
What is protection against loss or theft?
What is the fee called that banks may charge for withdrawing money from an ATM that is not their own?
What is an ATM fee?
What is the term for a loan given by a credit union to help members purchase a vehicle?
What is an auto loan?