Savings Accounts
What is the percentage of money earned by keeping funds in a savings account called?
Interest
What type of communication involves gestures, facial expressions, and body language?
Nonverbal communication
What does the "S" in SMART goals stand for?
Specific
what is the term for a financial plan that tracks income and expenses?
A budget
what financial tool allows you to write payments directly from your checking account?
A check
What type of savings account requires a higher minimum balance and typically offers an interest rate?
Money Market Account
What is the term for listening with the intent to understand, without interrupting or judging?
Active listening
What is the term for breaking down a large goal into smaller, manageable steps?
chunking or task segmentation
what is the name for income left after taxes and essential expenses are paid?
Disposible income
what is the term fior a fee changed checking account balance goes below zero?
Overdraft fee
What federal agency insures the funds in a savings account up to $250,000?
FDIC (Federal Deposit Insurance Corporation)
What is the difference between assertive and aggressive communication?
Assertive communication respects both parties, while aggressive communication disregards other's feelings
What type of goals focus on short-term accomplishment within a few months?
short-term goals
what budgeting method divides income into needs(50%), wants(30%), and savings (20%)?
The 50/30/20 rule
what type of account allows direct deposit and electronic transfers but typically doesn't earn interest
basic checking account
What is the maximum number of withdrawals allowed per month from a savings account under federal law?
Six withdrawals
what is one common barrier to effective communication in a group setting?
Interruptions or lack of active listening
what is the process of identifying potential roadblocks and planning ways to overcome them?
contingency planning
what is the term for a predictible expense, such as rent, that remains constant each month?
Fixed expenses
what is the benifit of linking a checking account to a savings account?
overdraft protection to avoide fees
What is a certificate deposit (CD) and why is it beneficial?
A CD is a timed-based savings account that offers a higher interest rate in exchange for locking funds for a set period
what is the term for modifying your tone, style, or approach based on the audience?
Audience adaption
How does setting time-bound deadlines help achieve goals?
Deadlines create urgency and focus effort
what is an emergency fund, and why is it important?
It is a reserve of money for unexpected expenses, providing financial security
what is the term for regularly balancing account top a savings account?
Accouint reconiliation