3 things to consider when choosing a bank to open a checking account
What is location, fees, and availability of funds
100
You use this to keep up with your account.
What is a checkbook register
100
_______interest is paid on the amount of the original investment and does not change over time.
_______interest is paid on the amount of the original investment and all accrued interest.
What is simple and compound
200
A savings account is a (asset / liability) on the balance sheet
What is an asset
200
Assets that add to net wealth
What are wealth building assets
200
The payment made to a saver (or lender) by a borrower for allowing the use of their money
What is interest
200
The loss of value of an asset over time
What is depreciation
200
This account is safe, small amount for account opening, interest earning and easy withdrawal
What is a savings account
300
These are the 2 types of assets
What are wealth building and depreciating assets
300
This account is safe and convenient, has debit access and bill payment
What is a checking account
300
The 3 incentives for banking
What is safety, convenience, and interest
300
Financial intermediaries between savers and borrowers
What is the role of banks
300
A financial statement showing a snapshot of the assets, liabilities and net worth of an individual
What is a balance sheet
400
The difference between the rate banks charge borrowers and pay savers, is the banks’ profit
What is the spread
400
3 things a budget allows you to do
What is track expenses, avoid debt, use savings for financial goals
400
This account has check writing limits, higher minimum balance, and check writing limits
What is a money market account
400
3 things you need to develop a budget
What is calculate your income, track daily expenses, and track monthly bills
400
This account is a fixed period of time, interest earning, minimum deposit, and early withdrawal penalty
What is a certificate of deposit
500
Balance Sheet Equation
What is Assets = Liabilities + Equity
500
Simple Interest Formula
What is I = prt
500
Formula for compound interest
What is FV = PV(1+j/m)^mt
500
Formula for rule of 72
What is (72/interest rate)=amount of years
500
"SMART" goals stand for this:
What is Specific, Measurable, Attainable, Realistic, Timely