Payment Methods
Payment in the form of coins or bills
Cash
An account linked for purchases. When you use a debit card it is using the money from this account.
Checking account
Allows purchases to go through—for a fee—even if you don’t have enough funds in your checking account.
Overdraft Fee
When you buys something part of the money you spend goes to the government. This is called what?
Sales Tax
My family is on vacation so we are sticking to a....
Budget
A form of payment that can be used in place of cash that takes money directly from a person's bank account
An account for money to earn interest, often used to store money for later use.
Savings Account
Fees that many banks and interbank networks charge for the use of their automated teller machines (ATMS)
Money that people have to pay that goes to the federal and state government is called what?
Taxes
If an expense can be cut from your budget it is considered a....
A type of payment/card that is "borrowing money" to complete a purchase
Credit Card
A sum of money placed into a bank account.
Deposit
Many banks charge for you to keep your money in an account with them. They can range from $4 to $25, but they are generally easy to avoid. Account holders can tend to get out of their ____ by opening both a checking and a savings account at the same bank or by maintaining a minimum balance in your account
Monthly/maintenance fees
If you have a job, you have to give some of the money you make to the government. This tax is called what?
Income Tax
Balance
A document that orders a bank to pay the written amount of money from a person's account to the designated recipient
Check
A sum of money taken out of a bank account
Withdrawl
When you make a purchase or other transaction that is more than the amount in your checking or savings account, and you haven’t opted into an overdraft program, the bank may decline the charge or return it unpaid.
Insufficient funds
What day are your taxes due?
April 15th
True or False. I lost my debit card, I should wait a week or so to see if I can find it.
False
A form of payment that is done using a smart phone's apps
Mobile payment (apple pay, google pay, venmo, etc.)
A nine-digit number that identifies your financial institution. Larger banks may have multiple ___ numbers that are based on the geographic location where the account was opened.
A routing number
Many banks cap the number of monthly withdrawals you can make from some accounts—usually savings or money market accounts. After a certain number, your bank may charge you. What is this fee called?
Excess Transaction fee
A business gives the government some of the money it makes, this is called?
Corporate tax
True or False. More Monopoly money is printed every year than U.S. currency.
True 30 billion monopoly and 974 million U.S. currency