Credit and Debit
This transaction usually takes a few days to clear.
Credit
This is an account that your debit card takes money from
Checking
This is a long term car rental from the dealership
lease
One of two pieces of information are absolutely necessary when issuing a check?
Date/signature
What is the usual length of time for a car lease?
2 years
This transaction will take your money right at the point of purchase.
Debit
This account is usually used for making easy withdrawals of cash
Checking
This is money lent to buy a house
Mortgage
What is something that is optional when writing a check?
Memo/Theme
What is the usual minimum time length for renting an apartment?
1 year
This is a 4 number needed to withdraw money
PIN
This account is usually harder to take money from
Savings
This is money required to be up-fronted when getting a mortgage
Down Payment
This number on a check is the piece of information that tells what account the funds are drawn from
Account Number
What is one advantage of renting
varies
These transactions both take from your checking account
Credit and Debit
This is something the bank charges when you overdraw your account, also, how much is it usually?
NSF 25-30
This is something a bank requires, i.e. equal value of the loan, if you get a loan
Collateral
What are checks called when they are 6 months or older?
Stale
What is one disadvantage of buying a home?
Varies
What does PIN stand for?
Personal Identification Number
This is something the bank pays you for using their accounts.
Interest
If the mortgage is 100,000, how much would the down payment be? Hint, it's a range
5-10,000
What is the columns called on a check ledger when checks are cashed?
Debits/withdrawals
If the mortgage is 100,000 and the down payment is 10%, what is the amount the bank will lend you?
90,000