Expenses
Electronic transfer of money directly into your bank account
What is direct deposit?
A card that allows you to make purchases or withdraw cash using money directly from your bank account
What is a debit card?
Comparing your bank records with your own records to make sure all transactions are accurate and accounted for
What is reconciling your bank account?
A card that allows you to borrow money to make purchases.
What is a credit card?
7.00%
What is the prime lending rate?
Payments made to companies or individuals to pay money that is owed
What are bill payments?
A financial institution that accepts deposits and provides loans, processes payments, and offers other financial services
What is a bank?
Authorizing a check to be deposited, cashed, or transferred
What is endorsing a check?
Money borrowed from a financial institution or lender that must be repaid with interest over a specific period of time.
What is a loan?
FDIC
What is the Federal Deposit Insurance Corporation known as?
Gas is this type of expense
What is a variable expense?
A unique number that identifies a person's specific bank account
What is an account number?
Spending or withdrawing more money than is available in your bank account
What is an overdraft?
Financial institution that does not pay federal taxes
Created to increase confidence in the banking system
Why was the FDIC created?
Loan repayment is this type of expense
What is a fixed expense?
A nine-digit number that identifies a specific bank or financial institution
What is a routing number?
A check that is written with a future date, indicating that it should not be cashed or deposited before that date
What is a post-dated check?
Regulates federal credit unions and insures deposits at federally insured credit unions, generally up to $250,000.
What is the NCUA?
Individual banks set this based on the target range
Who sets the prime lending rate?
Spending can increase during seasons or major events
How does the time of year affect your spending?
Protects depositor's money in member banks, per depositor, per bank, per account
What is the FDIC?
Both checks get pulled from personal funds, but one is backed by the bank.
What is the difference between a personal check and a certified check?
A member-owned financial institution that provides banking services, often with lower fees and loan rates than traditional banks.
What is a credit union?
St. Louis & Chicago
Where are two Federal Reserve banks located?