SAVINGS
Annuity
What is a fixed amount of set aside on a regular basis over time.
To track checking account transactions
Interest = Principal x Rate x Time
Formula to calculate Simple Interest
Money is added to a checking account.
What is a Deposit
A higher-risk account for saving money. Which is based on real-time interest rates
What is Money Market Savings Account
A social security card & number
What is needed to open a Checking Account
3000 at 4%
$120
RULE 72
What is the rule used to calculate when you will double your money?
Calculate the Simple Interest for:
1000 at 5% for 1 year
$50
Age 18
What is the age where you can have an individual account.
3200 at 3%
$96
A bond issued by the federal government
What is a U.S. Savings Bond
Calculate the Simple Interest for:
2500 at 6.5% for 1 year
$162.50
Check Register
What is a book used to store all Checking Account Activity
4500 at 5.5%
$247.50
Interest is computed on principal ONCE during a period of time.
What is Simple Interest
A way to withdraw money from your account
In=Person
Atm Card withdrawal
Make A Purchase
Check Payment
Money Transfer
Online Bill Payment
Using this card doesn't help your credit rating.
What is a debit card
12000 at 3.2%
$384
Interest earned on both principal and previously earned interest
What is Compound Interest
A way to deposit money in your Savings Account
In-Person
Mobile Device
Check Deposit
Electronic Transfer
ATM Deposit
Direct Deposit
Direct Deposit
What is a way to deposit money into your account
What is the term used for the person to whom you write a check to
Payee
A sum of money set aside on which interest is paid
What is the Principal
A method of saving money besides a savings account
Money Market account
U. S. Savings Bond
CD - Certification of Deposit
Shred or Rip Apart
What to do with a Voided Check
What word should be first when writing the checkout amount in words?
Only
The process of adjusting checkbook and bank balances so that they agree
What is Bank Reconciliation
What is compound interest with savings?
Interest earned on both principal and previously earned interest.
Billing cycle of a checking account
What is 30 days
12
A check written with a date that will occur in the future.
What is a Postdated Check
At what point should savings be moved to an investment type of account?
What is when you have reached your goal of wealth for a purchase or emergency.
A personal identification NUMBER that gives access to an account
PIN
If you are younger then 18, you will need to open this type of savings account
Joint Account (with a parent/guardian)
A signature is written on the back of a check.
What is an Endorsement
What money will be worth more in the future after interest has compounded.
The government insurance used for your account (usually up to 250,000 dollars)
FDIC
How long will it take for $50 to double in value at the rate of 6%
12 years
A bank card is used to withdraw or deduct money from your checking account.
What is a Debit Card