Random Shuffle
a machine that allows people to complete basic transactions, such as checking their account balances, withdrawing or depositing funds, or transferring money between accounts
automated teller machine (ATM)
a plastic or digital card that deducts money directly from a checking account to make purchases
debit card
a plastic or digital card that allows people to make purchases on credit
credit card
a check or payment for salary or wages
paycheck
an account transaction that has been fully processed
posted transaction
amount of pay withheld to cover unemployment taxes
state and federal unemployment taxes
to take money out of an account
withdraw
– a bank account that allows deposits and withdrawals; funds can be withdrawn through checks, debit cards, and more
checking account
the amount of money owed to a credit card company
credit card balance –
a schedule of when repayment is made between a borrower and a lender
payment schedule –
an approved transaction that may be reflected in your account balance but has yet to be fully processed
pending transaction
amount of pay remaining after deductions from a person’s gross pay
net pay –
known as internet banking or web banking, an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website or app
online banking –
– the placement of money into a checking or savings account
deposit –
a number assigned to a person based on factors such as their ability to make payments and the amount of money they owe; the higher the score, the more likely a borrower is to be able to repay loans
credit score –
an electronic payment directly to an employee’s account by an employer
direct deposit –
a transaction that was unauthorized by an account holder
fraudulent transaction
mandatory items withheld from a person’s pay, such as income taxes, Social Security taxes, and unemployment taxes
Withholdings
a bank account that earns interest and is meant to hold funds for an extended period of time
savings account –
a book of blank checks
checkbook –
the ability for someone to borrow money and pay it back at a later date
credit –
full amount of pay received before withholdings and deductions
gross pay –
an account balance of less than zero, indicating that more money has been spent than was available in the account
negative balance
regular payments made to labor unions (which are organizations that represent collective interests of employees) to cover the cost of membership
Union Dues
a retirement plan designed for small businesses that allows employees to save and invest in their retirement
SIMPLE IRA –
a fee incurred when a bank covers a payment that is greater than the available funds in a checking account
Overdraft Fee
a company that provides credit cards
issuer –
– the recurring schedule that determines how frequently a person is paid
pay period
the minimum dollar amount a bank requires its customers to keep in their bank accounts; dipping below this amount can result in fees
minimum balance –
– items withheld from a person’s pay, usually relating to benefits such as healthcare or retirement funds
Deductions
loans to a company or government that pay a fixed rate of interest to the lender over time
bonds –
is a legal status that a person or entity can enter when they're unable to repay their debts. this shields borrowers from debt collection, but it requires that they sell their assets to repay the money they owe
Bankruptcy
a charge incurred for borrowing money, usually as a percentage of the money owed
interest –
a piece of paper accompanying each paycheck that lists gross pay, withholdings, deductions, and net pay
pay stub –
the amount of money due on a loan before interest.
Principal
a retirement plan offered by some employers that allows employees to save and invest in their retirement
401(k) –