PF1
Your savings grows by earning this over time.
What is interest?
This is used to withdrawal money and to check your balance.
What is an ATM
Food, shelter, and clothing.
What are Needs?
Venmo and Cash App
What are types of digital payments or P2P payments
Prepaid cards help build your credit.
What is False
You use this when you do not want to go to a bank, but need to check your accounts
What is online banking?
This is linked directly to your checking account and can be used to purchase items
What is a debit card
Things you would like to have, but can live without.
What are wants?
Typically offers high interest rates for a standard savings account, but has no physical bank branches
This is where you put your money so that it can earn interest and you do not use this money until later.
What is a savings account?
When you checking account goes into the negative, you might get this charge.
What is an overdraft fee
Something valuable that you own.
What is an Asset?
Typically offers the highest interest rate, but restricts access to funds for a set period of time
A popular rule to follow when spending and saving money
What is 50/30/20
This is the money you put away in case something unexpected happens.
Insurance that will protect your money if the bank fails.
A share of ownership in a company.
What is a stock?
Provides easy access to funds and has physical bank branches, but typically offers the lowest interest rates
What is a traditional savings account?
This shows your transaction history and is usually mailed to your house monthly.
What is a bank statement
Using your phone to pay for things
What is a digital wallet?
Earning interest on your initial money plus the accumulated interest from previous periods.
What is Compound Interest
Raw materials such as oil, gold, or wheat.
What are Commodities?
Typically offers high interest rates, but requires a minimum balance and offers limited ability to write checks
What is a money market account?
Many employers offer this to automatically put your checks into your bank.
What is direct deposit.