Define the terms.
What is a "balance"?
Your balance is how much money you have in your account.
What is the different between a checking account and a savings account?
A checking account is for money you are using right now. A savings account is for money you are saving for the future.
You make a purchase of $100 and don’t pay it off immediately. How much interest will you be charged for a…
2.9% APR?
100 x 0.029 = ______
The interest is $2.90.
The total is $102.90.
What is an "overdraft fee"?
An overdraft fee is a fee for when you spend more money than you have in your account.
What is the difference between a credit card and a debit card?
A debit card uses money from your checking account. A credit card borrows money from the credit card company.
You make a purchase of $100 and don’t pay it off immediately. How much interest will you be charged for a…
13.99% APR?
100 x 0.1399 = _____
The interest is $13.99.
The total is $113.99.
What is a "check"?
What is the difference between using a credit card or taking a loan from the bank?
You can use a credit card to pay for anything. A bank loan is for something specific, like paying for school or buying a house.
You make a purchase of $100 and don’t pay it off immediately. How much interest will you be charged for a…
23.99% APR?
100 x 0.2399 = _____
The interest is $23.99.
The total is $123.99.
What is "interest"?
What is the difference between using a credit card and borrowing money from a friend?
You make a purchase of $1500 and don’t pay it off immediately. How much interest will you be charged for a…
2.9% APR?
1500 x 0.029 = _____
The interest is $43.50.
The total is $1543.50.
What is "withdraw" and "deposit"?
To withdraw is to take money out of the bank.
To deposit is to put money in the bank.
What is the difference between taking a loan from a friend or a loan from the bank?
When you take a loan from a friend, it can be spent on anything. When you take a loan from the bank, it needs to be spent on something specific, like paying for college or a house.
You make a purchase of $1500 and don’t pay it off immediately. How much interest will you be charged for a…
13.99% APR?
1500 x 0.1399 = ____
The interest is $209.85.
The total is 1709.85.