Bank Accounts 1
Name two accounts you can open at a bank.
Checking, Savings & Money Market Account
This type of account is is used to set money aside for emergencies.
Savings Account
A paper instrument used to withdraw money from an account.
Check
A sum of money a bank gives you to make large purchases that you can repay overtime.
Loan
You can use this card now and pay back the amount later.
Credit Card
What is the total amount of money in your bank account called?
Balance
A machine provided by your bank that allows you to use your debit card in order to withdraw cash and deposit checks.
Automated Teller Machine (ATM)
This term refers to paper money.
Currency
The fee or charge paid for the use of borrowed money.
Interest
Name two credit card issuers (types of credit cards)
Visa, Mastercard, Discover, American Express
This type of account transaction increases your account balance.
Deposit
A four digit numeric code that allows you to access cash from the ATM with your debit card.
Personal Identification Number (PIN)
Whose face is on the $100 bill?
Benjamin Franklin
Using this type of card means you are taking a "loan" or "borrowing" money from the bank.
Credit Card
The smallest amount of money that you have to pay each month to keep your credit card account in good standing
Minimum Payment
This type of account transaction decreases your account balance.
Withdrawal
This increases the overall cost of goods and services that were purchased with a credit card.
Interest
This paper item can be used to pay bills when you don’t have a checking account.
Money Order
Explain how credit cards are different than debit cards.
Credit cards are a loan from the bank while a debit card is the money from your checking account. Credit cards send you a bill every month for what you owe but debit cards send a statement of how much money you have.
Name two expenses you would might use your debit card (checking account) to pay.
Rent, food, electricity, entertainment, etc.
This type of account allows you to write checks and use debit cards.
Checking Account
Name three apps you can use to send and receive money.
Zelle, Cash App, Venmo, Square, etc.
The practice of creating unauthorized copies of currency.
Counterfeiting
What two ways are used to withdraw money directly out of a checking account?
Check and Debit Card
Name two expenses you might use your credit card to pay.
Car repairs, medical expenses, appliances, etc.