Terms and Knowledge 1
If you go to the bank and they ask you to endorse the check, what does this mean?
Sign the back
When would a person have to use their PIN?
When using an ATM or making a payment with their debit card
A debit card is connected to which account?
mostly checking, sometimes savings
Which is connected to your specific bank account:
a. account number
b. routing number
a. account number
When you ____ money, you are putting money into your account.
deposit
You can open your own bank account at this age.
18
Your bank statement gives:
a. you a refund
b. a breakdown of all withdrawals and deposits for that period
c. a check of your credit score
b. a breakdown of all withdrawals and deposits for that period
This is a four digit number that someone uses to access their account information at an ATM machine:
Pin Number
If you spend more than your balance you:
a. deposit
b. collect interest
c. overdraft
c. overdraft
When you _____ money, you are spending money, or taking money out of your account.
withdraw
This means to put money into your account:
Deposit
What is one bill a person would have to pay if they lived on their own?
Electric, rent, car payment, car insurance, health bill
Give at least two different ways to make a payment:
cash, check, apple pay, debit card, google wallet
Explain what happens to your balance when you make deposits and what happens to your balance when you make withdrawals.
Withdraw- balance goes down
Deposit- balance goes up
Reading your _____ _____ will give you information about all of your transactions for the month, including deposits, withdrawals, and fees.
bank statement
This means to take money out of your account:
Withdraw
Give an example of a time when a person might receive a check.
birthday, graduation, religious milestone, wedding, work
Explain how to use a debit card.
Swipe, tap, or insert chip to pay, enter PIN, press green button
Give an example of a subscription you may have to pay?
When I need to withdraw some cash, I usually go to an _____ so I don't have to go to a bank.
ATM
Explain the difference between a debit card and a credit card
Debit- connected to your checking account, YOUR money
Credit- borrowed money from bank you have to pay back
Explain why it's important to budget money and check your balance and statements frequently.
Have to save for your future, save up for an expensive purchase or emergency, not waste your money, make sure you have enough
Answers will vary
Give an example of an expensive purchase and give an example of an inexpensive purchase.
Answers will vary
budget