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 regular expenses and to get money as needed.
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 to put money for later use
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
When your purchasing power decreases
Inflation
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
When you take money as soon as you get paid and move it to your savings account
Pay yourself first
When a person only has enough money to cover their bills and none for saving and not much for wants.
Living paycheck to paycheck
Recommended amount to save from each paycheck
20%
This part of your paycheck goes RIGHT towards saving
401K
How many currencies are there in the world?
180