Bank Accounts
What is the type of bank account used for everyday spending?
Checking Account
What card directly pulls money from your checking account when you make a purchase?
Debit Card
A plan for how you will spend and save your money is called a what?
Budget
What card allows you to borrow money up to a limit and pay it back later?
Credit Card
Money you earn from working is called what?
Income
What bank account earns interest and is meant for long-term saving?
Savings Account
What do you call paying bills automatically on the same date each month?
Automatic Bill Pay
What is the term for saving money before you spend it, often taken directly from your paycheck?
Pay Yourself First
What does APR stand for?
Annual Percentage Rate
What is the term for money taken out of your paycheck for taxes and benefits?
Deductions
What is the term for money the bank pays you for keeping your money in an account?
Interest
What tool lets you deposit checks, transfer money, and check balances on your phone?
Mobile Banking
What is an emergency fund usually recommended to cover?
3-6 Months of expenses
A number that tells lenders how trustworthy you are with money is called a what?
Credit Score
What is the difference between a need and a want?
needs are essential; wants are optional
What type of bank is owned by its members and often offers lower loan rates?
Credit Union
What type of transfer moves money from your bank to another instantly, usually for a fee?
Wire Transfer
This type of account locks your money for a period of time but earns higher interest.
Certificate of Deposit (CD)
What happens when you only make the minimum payment on a credit card over time?
You pay more in interest.
What is the total money you owe called?
Debt
What federal agency insures deposits in banks up to $250,000?
FDIC
What is the document that compares your check register to the bank’s record of transactions?
Bank Statement Reconciliation
What budgeting model uses “50/30/20” to divide your income?
50/30/20 Rule
What is the official record of your credit history called?
Credit Report
What is the term for money left after paying taxes?
Net Income