Money Matters
The money you earn on your savings account
What is interest?
This account is for your everyday spending and bill-paying money
What is a checking account?
A plan for spending, saving, and earning money
What is a budget?
Plastic cards that look like credit cards, except they debit, or substract, money directly from your bank account
What is a debit card?
The original deposit amount
What is principal?
This account is for money you plan to spend in the future
What is a savings account?
If your outgo exceeds your income - also known as "going in the hole"
What is a deficit?
This banking tool allows you to access your bank accounts from anywhere in the world
What is an ATM?
The interest earned on the interest you've already earned on your principal balance
What is compound interest?
This account offers higher interest rates than checking accounts and sometimes higher interest than savings accounts
What is a money market account?
When your income equals your expenses
What is a balanced budget?
A convenient program preferred by many employers and government agencies as a way to put your paycheck directly into your bank account
What is a direct deposit?
Stocks, bonds, and mutual funds
What are securities?
This account is a "time deposit" because you agree to leave your money in the bank for a specific period of time
What is a Certificate of Deposit?
Money left over when all your fixed (necessary) expenses are paid.
What is discretionary income?
This is a great tool to keep track of your money, pay bills, and transfer money between accounts
What is online banking?
Ownership shares of actual corporations
What are stocks?
This account is for anyone under 18 and you receive a gift when you open this account
What is the Charly's Club, Junior Savings Account?
Regular payments such as car loans and insurance
What are fixed expenses?
A written, dated, and signed instrument that directs your bank to pay a specific sum of money to the payee
What is a check?