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Checking Account
Learning About Checking Accounts
Learning About Saving Account
Vocab
100
What offers easy access to your money for your daily transactional needs and helps keep your cash secure.
What is Checking Account
100
A checking account differs from other ____ accounts.
What is Bank
100

Which of the following is typically a feature of a savings account but not a checking account?

  1. Ability to withdraw money from an ATM
  2. FDIC insured up to $250,000
  3. Your money earns interest
  4. Ease of making payments using a debit card

3. Your money earns interest

100
an expense subtracted from adjusted gross income. Deduction may be compulsory or voluntary.
What is Deduction
200
Customers can use a debit card or ______ to make purchases or pay bills.
What is Checks
200
Bank Accounts in that it often allows for numerous ___________ and unlimited deposits.
What is Withdrawals
200
  1. Some banks charge a(n) ___________________________  each month just to keep your checking or savings account open.

maintenance fee

200

the amount of income remaining after taxes and available for spending.

Net pay

300

o avoid frequent trips to the bank, many people use a(n)  ___________________________

ATM

300
Whereas savings accounts sometimes limit both ________ and Savings Accounts.
What is Checking
300

. Fill in the blanks with the correct responses.  If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.

Needs, Wants and Savings

300
income derived through employment.
What is Earned income
400
  1. Many employers offer  ___________________________ which electronically transfers your paycheck directly into your bank account.

Direct deposit 

400
Student accounts and joint accounts along with many other types of accounts which offer _______ features.?
What is Similar
400

Tyreke has $5,000 to put into an account that earns compound interest.  Which of the following is the BEST advice you can offer so that he can maximize interest?

  1. It’s ok to open an account with a low interest rates as long as you deposit your money early
  2. Deposit your money as early as possible in an account with the highest interest rate possible
  3. Wait for interest rates to rise above 5%, otherwise compounding doesn’t have any effect
  4. Compound interest will not have any effect at such a low dollar amount.  Find different opportunities to earn interest on your savings.


2. Deposit your money as early as possible in an account with the highest interest rate possible

400

A type of insurance that protects your deposits in the bank up to $250,000 in case the bank fails. 

FDIC

500

Amy would like to open an checkings account that would best benefit her when she is traveling. Should she open an account at a major bank or credit union?

Major bank because major banks offer easier access to fee-free cash nationwide and internationally. 

500
  1. To avoid a(n) ___________________________ overdraft fee, ensure you have enough funds in your account to cover all transactions.

overdraft fee

500

What is one difference between a Traditional savings account and a Certificate of deposit (CD) regarding time

Traditional savings accounts do not have time restricttion for withdrawals. However, CDs require you to have your money locked into the account for a set amount of time before you can withdrawal. 

500
mandatory contributions for social security tax and Medicare tax are deducted from paychecks
What is Federal insurance contributions act (FICA)