Vocabulary
What is a debit?
What is a sum of money deducted FROM your account?
What is a balance?
What is how much money you have in your account?
What is the main benefit of putting money in a savings account versus a checking account?
What is you can earn money on interest?
What 2 things do we need on every paper?
What is first/last name and block?
What is a check register?
What is a record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals?
What is the maximum amount of money the FDIC insures per person?
What is $250,000?
What is compound interest?
What is interest calculated on the principal and accumulated interest?
What does it mean to be "unbanked"?
What is you do not use or do not have access to traditional financial services?
What is a credit?
What is a sum of money deposited INTO an account?
How often do customers typically receive a bank statement for their checking account?
What is monthly?
What is typically a feature of a savings account that differs from a checking account?
What is higher interest rates than checking accounts?
What is a direct deposit?
What is an automatic electronic deposit of net pay to an employee's desired bank account?
What is a Certificate of Deposit (CD)
What is a type of savings account with a fixed interest rate and term?
Why do banks pay interest on deposits?
What is to encourage customers to keep their money in the bank?
What is the main reason that it is important to start putting money away for retirement as early as possible?
What is money accrues more interest if saved earlier (longer time for compounding interest)?
What does "living paycheck to paycheck" mean?
What is not having any money saved and having a paycheck that is just barely covering monthly expenses?
What does the 50-20-30 Rule State?
What is of your POST-TAX income, 50% should go to needs, 20% should go to savings, and 30% should go to wants?
Your friend pays you back with a check, and you lose it before cashing it. What should you do first?
What is contact your friend to issue a stop payment?
How do checking accounts usually differ from savings accounts in terms of accessibility?
What is checking accounts provide more frequent access to money?
What is an effective strategy for personal saving regarding your paycheck?
What is saving a certain percentage of each paycheck and depositing it directly into a savings account?