Money and Banking
Savings Account
Checking Account
Credit Cards
Bank vs Credit Union
100
The cash and coins we use are called
What is Currency
100
Process of setting money aside for a future date is known as
What is Saving
100
What is a written order for a specific amount of money to be paid and the name of the person or company who should be receiving it.
What is a Check
100
The ability to make purchases with the promise to repay the money later is known as
What is Credit
100
Owned by its members and is considered a non-profit organization
What is a Credit Union
200
Money paid to you by a bank for being able to use your money is called
What is Interest
200
Name 1 of the 3 main purposes of saving
What is emergency funds, short term goals, eventually investing
200
Checks are primarily used to pay
utilities ( electric, gas, water) rent mortgage payments food a variety of other expenses
200
Card that can be issued to an individual or a business that allows them to repeatedly make purchases on credit is knows as a
What is a Credit Card
200
Which of the two generally offer lower checking fees?
What is Credit Unions
300
An account that allows people to make purchases or pay bills using paper checks instead of cash
What is a Checking Account
300
When you put money into a savings account is is known as a
What is a Deposit
300
A debit is anytime you --------- from your account.
What is Withdraw
300
The maximum you can borrow or charge against your credit card is known as
What is Credit Limit
300
Has lower customer service rates?
What is a Bank
400
An account that enables you to keep your money safe an earn a small amount of interest
What is Savings Account
400
The percentage that you are paid for your money is known as
What is Interest Rate
400
A card that allows you to make purchases or withdraw cash from an ATM
What is a Debit Card
400
Least amount you can pay on a credit card and stay on good standing is known as
What is Minimum Payment
400
Generally more localized with less accessibility to ATMs
What is Credit Unions
500
What is the average interest rate of a savings account?
What is below 1% in most cases below 1/3 of a %
500
Rule of 72: If you are earning 12% interest on an investment how long will it take to double?
What is roughly 6 years
500
Having a negative balance in your account normally leading to a fee is known as
What is Overdrawn
500
APR stands for what?
What is Annual Percentage Rate
500
What does ATM stand for?
What is Automated Teller Machine
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