Vocab 1
The amount of money someone has or owes right now?
Balance
To put money into a bank account?
Deposit
Companies that collect credit information to determine if a person is a good credit risk?
Credit Bureaus
A _____________ is a plastic card that lets the customer buy now and pay later.
Credit cards are free money and do not need to be paid back.
TRUE or FALSE
False
A written record from a bank that shows money going in and out of an account?
Statement
A card that lets someone buy things now and pay later?
Credit Card
A fee that is paid for borrowing money?
Interest Rate
Account that allows depositors to store their money at the bank and in return the bank will pay the depositor interest?
Savings Account
What is the benefit of using a credit card?
You can buy now and pay later; you can also earn rewards
An account that allows depositors to store their money in the bank?
Savings Account
To take money out of a bank account?
Withdrawal
A corporation that was created by the U.S. Congress to help restore faith in the banking industry by protecting a depositor's money?
FDIC
Account that allows depositors to withdraw their money through ATMs, debit cards, automatic payment withdrawals, and/or writing checks?
Checking Account
Companies that collect credit information and use it to determine whether or not a person is a good credit risk?
Credit Bureaus
Money that someone owes?
Debit
A piece of paper that tells a bank to pay money to someone?
Check
An account that allows depositors to withdraw their money through ATMs, debit cards, automatic payment withdrawals, and/or writing checks?
Checking Account
Late and missed payments on a credit card can _______ and individual's credit rating.
LOWER or INCREASE
Lower
The __________ was created by the U.S. Congress to help restore faith in the banking industry by protecting a depositor's money.
FDIC
What is the negative of using credit cards?
They charge interest rates and can give you debt if you do not pay off monthly
Businesses reserve the right to deny credit to any customer that they feel is a bad risk or might not be able to repay the debt.
TRUE or FALSE
True