Bank Accounts
What does deposit mean? What does withdraw mean?
Deposit is to put money in. Withdraw is to take money out.
What is the difference between a debit card and a credit card?
A debit card comes out of your checking account. A credit card comes out of your line of credit ($ that belongs to the bank)
What does YTD stand for on a pay stub?
Year to Date
Who are the 3 administrators of NDHS?
Scott, Danilo, Jessica
What is the difference between a checking account and a savings accounts?
Checking account is for everyday spending. Savings account is where leave your savings.
What is the difference between an in-network ATM and an out-of-network ATM?
An in-network ATM is affiliated with your bank account, unlike an out-of-network ATM.
Explain the difference between Gross Wages and Net Wages
Gross is pre-tax and net is post-tax
What are all the parts of a check?
Date, name of recipient, numerical amount, amount in words, reason for check, and signature
What is the name of the bank that closed two weeks ago?
Silicon Valley Bank!
1. Explain what an overdraft fee is.
2. Explain if it is good or bad and why.
An overdraft fee is a fee you pay when you overdraw your bank account.
It is VERY BAD because you end up paying hefty fees for no reason.
List the five required taxes you will see on a paystub in NYC
1. Social Security
2. Medicare
3. Federal Tax
4. State Tax
5. City Tax
Which savings strategy is most effective:
1) Saving $5/day
2) Saving $35/week or
3) Saving $150 per month?
5$ per day! (we went over this in class)
What is the benefit of a savings account over a checking account? What is the downfall?
The benefit is higher interest rates and downfall is limited number of withdraws per month.
Venmo, Paypal, Apple Pay, Zelle, CashApp
What are examples of pre-tax deductions on a paycheck?
1. Healthcare
2. Dental
3. Retirement
What year was NDHS founded?
2003
List 3 ways to deposit money into a checking account and 3 ways to withdraw money from a checking account.
Putting Money In:
Bring cash to the bank to deposit
Check deposit
ATM deposit
Mobile deposit
Direct deposit (electronically, often salaries are paid like this, no fees, check won’t get lost)
Transfer from another account
Taking Money Out:
ATM Withdrawal using debit card
Visit Bank Teller
Make a purchase with debit card
Check Payment (you wrote a check for someone else)
Online Bill (CC Bill)
Money Transfer
List as many examples of credit as possible
Car Loan, Home Mortgage, Credit Card, Student Loans
List as many things as possible that you will see on a pay stub
Name, Social Security, Payroll Period, Pay Date, YTD Salary (Gross and Net), All tax deductions,
List as many people on the restorative team at NDHS as possible
Jesse, Mike, Eric, Jackie, Edwin,