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Checking
Savings
Vocab
Math
Class Picks
100
When you write a check and do not have enough money in the account to cover the amount
Bouncing a check
100
What is simple interest and compound interest
What is simple is computed only on the principal and compound is computed on money deposited plus interest
100
saving which taxes on principle or earning aren't due until the funds are withdrawn
What is Tax Deferred
100
How long does it take to double your investment if you're earning 8% interest?
What is 9 years
100
How much does the FDIC insure a bank accounts?
What is $250,000
200
What is the difference between a debit card and credit card?
Credit Card- Loan Debit Card- Checking Account
200
Name and describe the 2 types of US Savings Bonds
What is I Savings bond is sold at face value and EE Savings Bonds are sold at half of the face value
200
An agency that grants federal charter to qualified groups supervise credit unions
What is NCUA
200
What is the equation for compounding interest?
What is A=P(1+r/n)^t
200
What does FDIC stand for?
What is Federal Deposit Insurance Corporation
300
For Deposit Only then a signature
What is restrictive endorsement
300
Name the 3 types of savings accounts and define one
What is Regular Saving Account - Money for safe keeping, typically earns small amount of interest. Money Market Account- Higher APY in exchange for higher minimum balance Certificate of Deposit- Time bound. Promise to keep set in account for a specific time period which = higher interest
300
A for a profit financial institution that receives and pays dividends depositors saving makes mortgage loans and offer most of the service
What is Saving and Loan Association
300
If you want to double your investment in 12 years what APY do you need to earn?
What is 6%
300
3 points to consider when setting savings goals
What is realistic, time related, specific and measurable
400
What are the 3 sets of numbers on the bottom of a check
What is routing, account, check number
400
For top earnings on your savings, look for...
What is Highest annual interest rate Highest APY Most frequent compounding of interest Shortest interest periods Fewest restrictions and penalties Lowest fees
400
Higher APY in exchange for higher minimum balance FDIC insured
What is money market account
400
Value $20, compounded at 5% yearly after 2 years
What is $22.05
400
How does the government measure inflation?
What is CPI
500
What is the APY for your checking account at Bank of America
What is 0%
500
What is the APY for the wepawaug flagg credit union savings accounts?
What is .12%
500
a saving depository owned by the depositors that divides the profits among depositors in form of dividends
What is Mutual Savings Bank
500
What will be the amount after 25 years if it takes $500 9 years to double compounded yearly?
What is $3424.24
500
What year between 2000-2010 was the inflation rate negative?
What is 2009