Banking Basics
This is a safe type of account where you deposit money and earn a small amount of interest.
What is a savings account?
A plan for how you will spend and save your money.
Borrowing money with the promise to repay it.
What is credit?
You should never share this secret banking number.
What is your PIN?
What are savings?
This account is primarily used to pay bills and make purchases.
Money received from work or another source.
What is income?
The cost of borrowing money.
What is interest?
This crime occurs when someone uses your personal information without permission.
What is identity theft?
Money earned on your savings account.
What is interest?
The FDIC insures deposits at member banks up to this amount per depositor, per insured bank.
What is $250,000
Rent and insurance are examples of these expenses.
What are fixed expenses?
This three-digit number helps lenders determine your creditworthiness.
What is credit score?
Emails pretending to be from your bank asking for personal information are called this.
What is phishing?
This financial principle means your money earns money over time.
What is compound interest?
This document shows your deposits, withdrawals, and ending balance.
What is a bank statement?
Eating out and entertainment are examples of these expenses.
What are variable expenses?
Paying only this amount on your credit card causes interest to continue accumulating.
What is the minimum payment?
Name one way to protect your personal information online.
Strong passwords
Multi-factor authentication
Don't click suspicious links
Secure Wi-Fi
Putting money into stocks, bonds, or mutual funds is called this.
What is investing?
This helps prevent overdrawing your checking account.
What is balancing your account or tracking your transactions?
If you earn $800 each month and spend $650, this amount should ideally go toward savings or future expenses.
What is $150?
Name two factors that can improve your credit score.
What are:
Paying bills on time
Keeping balances low
Limiting new credit
Having a longer credit history?
If your debit card is lost or stolen, this should be your first action.
What is contact your bank immediately?
The earlier you begin saving, the more time this has to work for you.
What is compound interest?