Terms and definitions
With checking accounts, the 10 digit number that is specific to your account is called
Account number
The 3 numbers on the back of a debit card is what?
Security code
What goes on the MEMO line of a check?
The purpose of the check
The money a person makes from doing work is known as
Income
Give me an example of an expense that teens and/or young adults might deal with
(Answers vary) rent, car payment, phone bill, gas, car insurance, student loan debt, etc.
An item owned by a person that is worth money is known as:
Asset (liquid asset does not count for this because it has a somewhat different definition)
Debit cards come with a four-digit code number specific to a person's debit card, and that number is known as:
Personal Identification Number or PIN
How do you write check amounts, including the cents, on the line that ends in DOLLARS?
Written out as words, with the cents as a fraction
An account balance of less than zero means the account went into what?
Overdraft
Give me an example of a liquid asset
(Answers vary): stocks, cash, money in bank account, natural resources (gold), etc.
The cost of something a person spends money on to improve their life or to produce something is known as
An expense
Debit cards come with a number in the month/year format on the front. What is that number for?
Expiration year. (some have the year it was issued, AND the expiration number).
Describe what a hold on a check means
Banks hold part of the check's total amount to make sure the person writing it has money in their account. Some of the money can be used right away.
When a person loses a check, they can call the bank and put what on it?
Stop payment order
Checks come with a number that appears twice- top right corner and bottom near the right. What is that number?
The check number
Liabilities are an example of what money-related situation in which a person owes money to someone?
Debt
When withdrawing money from the ATM, why might that machine charge a fee?
If the person using the ATM banks with a different bank, or if the ATM is in more touristy locations, it may charge a higher fee.
The signature on the BACK of a check comes from the person receiving the check, and that signature itself is called an?
Endorsement
What is the difference between CURRENT balance and AVAILABLE balance?
Current balance is the same number as the total money you have. Available balance is the amount of money you can spend at that moment (or similar answers)
Identify a reasonable punishment for a person who accidentally writes a bad check, and a punishment for someone who knowingly writes a bad check.
Reasonable might include smaller fees and account restrictions, maybe a really short jail sentence. Harsher includes longer prison sentence, court fines, and higher bank fees
Depending on the company, a business or place of employment may pay their employees through a paperless money transfer service, giving the employee money right in their account. This process is called:
Direct deposit (answers with ACH can also be accepted)
Describe how a debit card works when you are making a payment at the store
ANSWER CAN INCLUDE the debit card is read by a card reader, something about the magnetic strip or chip, card itself have the money but the money is in the bank account.
The person writing the check did not have enough money in their bank account, and the bank rejects the check- or bounces it away (similar answers acceptable)
Emails from fake banks and other scam sites are sometimes sent out to people asking for account information. Responding can result in bank information stolen. This dangerous scam is known as?
Phishing
Name all of the features a person has to fill out on the FRONT side of a check.
Date, pay to the order of (person it is going to), written money amount, number money amount, memo, signature. Optional: person's first and last name if it is not already there.