Banking Basics
Term used when you take money from a bank account.
What is a withdrawal?
When creating a budget, who is paid first?
Yourself
Amount needed to create/start an emergency fund.
What is $1000?
True or False: Privacy settings should be used on social media accounts.
True
Term used for fee charged by a bank for spending more than the available in your account.
What is Overdraft Fee?
What percentage of your income is paid to yourself?
20%
When creating a savings goal, this acronym is used to define/prioritize your financial goals by using Specific, Measurable, Achievable, Relevant, and Timebound criteria.
What is a S.M.A.R.T Goal?
True or False: You should respond to text messages or emails you weren't expecting, asking you to click a link to update information.
False
Term used for a credit/deposit that is transferred to your bank account electronically. Example: Paycheck
What is direct deposit?
How often should you review your budget?
Monthly
Savings product offered through your employer for retirement savings that is invested in the market. Hint: number
What is a 401K?
True or False: Websites using HTTPS:// is a secure website to use?
True (the S means it is a secure website)
This access device is needed to purchase items instore/online, pay bills online, or withdrawal from ATM directly from your bank account.
What is debit card?
The 50/30/20 rule suggest dividing your budget into these 3 categories?
What is Needs, Wants, & Savings?
Retirment savings product with individual ownership offered by the bank. Can either be Traditional or Roth.
What is an IRA?
True or False: It is safe to use public WiFi to access your bank accounts or other sensitive information?
False
This banking tool is used to check your balance and transaction activity. You can set debit card controls and transfer money using this tool. Hint: phone
What is Mobile Banking App?
How many months of expenses should your emergency savings cover?
3-6 months
This acronym is used for the insurance coverage for banks that is federally regulated up to $250,000 per individual.
What is FDIC Insurance? (Federal Deposit Insurance Corporation
True or False: You should check for a skimming device prior to inserting debit card for purchase.
True