Basic Banking
a type of bank account designed to put money away that you don't plan to spend right away
What is a savings account?
The knowledge and application of various financial skills.
What is financial literacy?
Something that you spend money on, either one time or regularly.
What is an expense?
To take money out
What is a withdrawal?
A financial institution that accepts deposits from the public.
What is a BANK?
An institution designed to keep money safe
What is a BANK?
Record all your transactions in this
What is a check register?
a 4 year college degree
What is a Bachelors degree
Money you receive for doing work or from investments.
What is income?
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
What is a Loan?
A bank card that automatically deducts the amount of a purchase from your checking account.
What is a debit card?
A specific type of loan that is used to buy real estate (a home or other property).
What is a Mortgage?
The amount of money that you have in your bank account is known as a ...
What is a balance
A type of bank account that allows you to easily deposit and withdraw money for daily transactions
A Checking Account
A plan for earning and spending over a period of time.
What is a budget?
A card used to make purchases with the agreement that the cardholder will pay back the card issuer for the purchases and any fees and interest
What is a credit card?
Money owed from one person to another person or company
What is a debt?
Does the money come out of your account immediately when using a credit card?
NO! Only when using a debit card.
A long-term professional journey where you develop expertise in a field of work, often with the goal of advancing in positions and earning more
What is a career?
Amount of money spent on items needed is called an ...
What is an expense?
an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.
What is an Automated Teller Machine (ATM)
The maximum amount you can spend on a credit card.
What is credit limit?
Money an employer withholds from an employee's paycheck
What is payroll tax?
The score given by a credit agency regarding your ability to pay off a debt.
What is a credit rating/score?
Johnny really wants the new Playstation 5, which costs 800.00. Johnny has $20.00 in his bank account. However, he just received a credit card with a $2,500 limit. Should Johnny use his credit card to buy a PlayStation? Why or why not?
NO! Johnny should not use his credit card because he does not have enough money in his checking account. A person should never borrow money if they do not have the same amount in their checking account.