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Banks and Banking
Banks and Banking Continued
Managing Credit Cards
Vocabulary
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100
If I write a check for more than the amount of money that I have in my account, I could be temporarily protected if I have ____________ ____________.
What is overdraft protection?
100
The safest place to keep your money where you can still earn some interest.
What is a savings account?
100
Way that you will pay the greatest amount of interest on your credit card bill (you pay the bill on time).
What is by only making the minimum payment?
100
Fee charged when money withdrawn from a person's account exceeds the amount in the person's account.
What is an overdraft fee?
100
Fee charged by a credit card company simply for having a credit card.
What is an annual fee?
200
Write $37.58 in words.
What is thirty-seven and 58/100?
200
Name one credit union in Columbus.
What is Centra?
200
The amount of time you have to pay on your credit card account without accruing any interest is called the _________ ________.
What is grace period?
200
Program provided by a credit card company where a percentage spent is paid back to the cardholder.
What is a Rewards Program?
200
Financial institution that is owned by its members.
What is a credit union?
300
The only time that I have to sign a deposit slip.
What is when I am getting cash back?
300
Name one difference between a credit union and a commercial bank.
What is credit unions are owned by their members while commercial banks are designed to make money for shareholders? Credit unions typically offer better interest rates on checking and savings accounts and lower interest on loans.
300
The only reason you should get a credit card with an annual fee.
What is if the rewards program is more beneficial than the cost of the annual fee?
300
Maximum amount of credit extended on a credit card.
What is a credit limit?
300
Fee charged by a financial institution for having a checking or savings account.
What is a monthly fee?
400
When completing my check register, using the ATM would be considered a withdrawal or deposit
What is a withdrawal?
400
You must have a checking or savings account to use an ATM. True or False
What is true?
400
Another name for finance charge that I will pay if I do not pay my credit card bill within the grace period.
What is interest?
400
Service offered by banks that allows customers to temporarily make purchases even if they don't have enough in their account to cover them.
What is overdraft protection?
400
Fee charged by a financial institution if your accounts fall below a certain point.
What is a low balance fee?
500
When I receive my paycheck, it is considered a withdrawal or deposit
What is deposit?
500
When looking for a bank, choose one with _______________ and _________________.
What are low fees and the best interest rates?
500
If my credit limit is $5,000 and I owe $500 on my credit card bill, my available credit is ________________.
What is $4500.00?
500
Interest rate charged for an entire year.
What is the annual percentage rate (APR)?
500
Bank that offers services to the general public and works for profits for shareholders.
What is a commercial bank?