Credit
What type of card allows you to use your credit?
What card allows you to make purchases using your checking account?
Debit
What are taxes for?
Government goods and services for the people
Where can you go to deposit a large amount of cash/physical money?
Traditional bank
How much National debt does the United States possess to this date?
They possess $31 Trillion.
Credit
A place to store your funds and gain interest
Savings Account
Three types of income taxes for
Federal, State, Local
What credit union does MYEEP use for new participants without existing accounts?
SFFCU (San Francisco Federal Credit Union)
Declarations, Insuring agreements, Definitions, Exclusions, or Conditions
The maximum amount you can spend with your credit is determined by your income and credit score.
Credit Limit
What is included in a check?
Date, Depositor, Amount, Note, Signature
Taxes taken from your paycheck
Name one advantage and one disadvantage of online banking.
Example answer: convenience of setting up an account, but hard to get in touch with a human representative
What type of card can you use to make transactions with an ATM?
ATM card
The amount of money you owe on a credit card
Credit card balance
A form of savings where you can not withdraw funds for a specific term or you get penalized.
Certificate of Deposits (CD)
A type of savings for retirement that is automatically taken from your paycheck
401K
What are the requirements to apply for a credit card?
be 18y/o +
proof of ID
tax ID
Credit (score)
Something held as a guarantee to get money back from a borrower (vocab word)
Percentage of your debt that is if your credit amount is not paid in full.
Interest Rate
This government agency protects your bank deposits of up to $250,000 per bank.
Federal Deposit Insurance Corporation (FDIC)
What is the difference between gross and net earning?
Gross earnings are the amount of money you earn before withholding.
Net earnings are the amount of money you earn after withholding.
How do you get charged an overdraft fee?
Withdraw an amount of money from your account greater than your balance. You must be signed up for overdraft protection to be eligible for a fee.
What is a bond?
A bond is a debt security, similar to an IOU. Borrowers issue bonds to raise money from investors willing to lend them money for a certain amount of time.