Vocabulary
What is a sum of money deducted FROM your account?
What is a debit?
What is how much money you have in your account?
What is a balance?
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 s a good habit to protect your checking account information?
What is Creating complex passwords that are a long combination of letters, numbers, and symbols.
Using your debit card reduces your checking account balance.
True.
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 a check register?
What is the maximum amount of money the FDIC insures per person?
What is $250,000?
What is interest calculated on the principal and accumulated interest?
What is compound interest?
What is you do not use or do not have access to traditional financial services?
What does it mean to be "unbanked"?
The largest source of fees for banks come from non-network atm fees.
False. It is overdraft fees.
What is a sum of money deposited INTO an account?
What is a credit?
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 an automatic electronic deposit of net pay to an employee's desired bank account?
What is a direct deposit?
A low balance alert will make it impossible for you to overdraw your account.
False.
What is a type of savings account with a fixed interest rate and term?
What is a Certificate of Deposit (CD)
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 is not having any money saved and having a paycheck that is just barely covering monthly expenses?
What does "living paycheck to paycheck" mean?
If you think your debit card is lost or stolen you should contact your bank as soon as possible.
True.
What is of your POST-TAX income, 50% should go to needs, 20% should go to savings, and 30% should go to wants?
What does the 50-20-30 Rule State?
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?
The 50-30-20 rule says you should save 50% of your take home pay.
False.