Money Scenarios
This is the total value of: 2 quarters 3 dimes 1 nickel
81 cents
A bank account that earns interest.
Savings Account
A written order instructing a financial institution to pay immediately on demand a specified amount of money from the writer's account to the person named
A Check
What is Credit?
The ability to borrow money. The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made by a certain date in the future.
What is an account owned by two or more persons. Either party can conduct transactions separately or together as set forth in the deposit account contract?
Joint Account.
This is the total value of: 4 quarters 1 nickel 2 pennies
$1.07
One dollar and seven cents.
What is a checking account?
An account at a bank against which checks can be drawn by the account depositor.
How many times is the amount written on a check.
Twice. Once in numerical form and once spelled out. The amounts should match.
The maximum amount of credit that is available on a credit card or other line of credit account.
Credit Limit (Limite de Credito)
What is Insufficient Funds?
When a depositor's checking account balance is inadequate to pay a check presented for payment.
This is the total value of: 2 $5 bills, 3 $1 bills, 1 quarter, 1 dime
$13.35
Thirteen dollars and thirty five cents.
The electronic transfer of a payment directly from the account of the payer to the recipient's account.
Direct Deposit
A check dated past the validity of the check (generally 6 months).
Stale Dated (Cheque con fecha vencida)
What should you do if something doesn't look right on your credit report.
Dispute errors.
What is forgery?
The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check.
This is the change you should receive, if you pay with a $10 bill, but the item only costs $7.75 (tax is already included).
$2.25
Two Dollars and Twenty five cents
Any and all persons authorized to conduct business on behalf of an account (authorized signer).
Account Holder
A check drawn on the funds of the bank, not against the funds in a depositor's account. However, the depositor paid for this with funds from their account. The primary benefit of this is that the recipient of the check is assured that the funds are certified or guaranteed.
Cashier's Check
What is a pre-approved loan authorization with a specific borrowing limit based on creditworthiness. This allows borrowers to obtain a number of loans without re-applying each time as long as the total of borrowed funds does not exceed the credit limit.
Line of Credit (Linea de Credito)
What is service that allows an account holder to obtain account information and manage certain banking transactions through a personal computer via the financial institution's website or the Internet?
Electronic Banking
This is the amount of sales tax for an item that costs $79.99 (be sure to round the answer to the pennies place)
Sales Tax is 9%= .09
$7.20
Seven dollars and twenty cents.
What is account history?
The payment history of an account over a specific period of time, including the number of times the account was past due or overdrawn.
A check that a bank has paid, charged to the holder's account, and then endorsed.
Cancelled Check (Cheque Cobrado)
What is? A three-digit number created by mathematical formulas that use key pieces of your credit history to calculate your score at a moment in time- like a photograph. This indicates to lenders the persons capacity to repay a loan.
Credit Scores
What is Kiting/ Check Kiting/ Check Floating
Writing a check in an amount that will overdraw the account but making up the deficiency by depositing another check at another bank. For example, mailing a check for the mortgage when your checking account has insufficient funds to cover the check, but counting on receiving and depositing your paycheck before the mortgage company presents the check for payment.