Saving/ Banking
This is what you get from the bank monthly.
What is a bank statement?
This happens when I use my debit card to make a purchase.
What is my checking account will decrease?
Most people have an adequate amount saved for an Emergency Fund and retirement.
What is False?
This is when you split your net (after-tax) income into three clear categories: 50% for needs, 30% for wants, and 20% for savings.
What is the 50/20/30 rule?
This is a card that you put money on prior to using and is not connected to a bank account.
What is a prepaid card?
This is when your employer sends your paycheck electronically to your bank account.
What is direct deposit?
This is a charge applied by a bank or credit union when you spend or withdraw more money than you have in your account.
What is overdraft fee?
You should never give banking information to your bank.
What is false? (trick question)
This should be 3-6 months of your expenses.
What is how much should you save in an emergency fund?
This is when you don't have any money saved and your paychecks are just barely covering monthly expenses.
What is living paycheck to paycheck?
This is the money you put into the bank.
What is a deposit?
This is what you do if you see fraudulent charges on your account.
What is contact your bank/research the charges/turn off bankcard?
You should start saving for retirement as soon as you can.
What is true?
This is a goal you want to reach within 1 year.
What is a short term goal?
This is a self-service terminal used to handle basic banking tasks without a human teller.
What is an ATM machine?
This is a safe bank product that lets you store cash, earn interest, and build an emergency fund.
What is a savings account?
This coverage allows you to spend more than is available in your account for a fee.
What is overdraft coverage?
Inflation is the general, continuous decrease in the prices of goods and services over time.
What is false?
This is when you do not have checking or savings accounts, and typically rely entirely on cash to manage finances.
What is unbanked?
This is when you can pay bills and transfer money electronically.
What is online banking?
This helps prevent overdraft fees and maintain steady budget tracking.
What is a low balance alert?
This is how often service charge fees occur.
What is monthly?
When prices rise, the purchasing power of money drops.
What is true?
This is a goal you want to reach within 5-10 years.
What is a long-term goal?
This is the amount of money you are insured by with an FDIC protected bank.
What is up to $250,000?