Banking
A sum of money deposited into your bank account
Credit
Money put into your account
Deposit
A sum of money deducted from your bank account
Debit
Money taken out of your account
Withdrawal
What is the currency in Mexico?
Mexican Peso
An account for now
Checking Account
A stash of money set aside for unexpected events
Emergency Fund
On the 50/30/20 budgeting rule, they say 30% should go to what category?
Wants
An account for later
Savings Account
Abraham Lincoln
Taking out/spending more money than what is in your account
Overdraft
An automatic electronic deposit into your bank account, normally from an employer or the government
Direct Deposit
Ability to transfer money from your bank account to that of another person
P2P payment (person to person payment)
What does ATM stand for?
Automated Teller Machine
What is the currency in Great Britain?
Pound Sterling
Interest paid on the principal alone
Simple interest
How much money should you try to save in your emergency fund?
3-6 months worth of expences
What is the most frequently charged fee on checking accounts?
Overdraft Fee
Ability to schedule and make payments online or through your bank's mobile app
Online Bill Pay
What day does tax day (usually) fall on?
April 15
A type of savings account that holds a fixed amount of money for a fixed amount of time, and in return, the bank will pay interest on the account
Certificate of Deposit
A type of savings account that earns a higher interest rate than a traditional savings, and offers check-writing and debit card options, but you have to maintain a minimum balance
Money Market Savings Account
A society in which cash, in the form of bank notes and coin, is not accepted in any financial transaction
Cashless Society
Interest you earn on interest
Compound Interest
How many currencies are there in the world?
180