Show:
Cash In
Cash Out
Check
Yourself
Take It To
The Bank
100

Money received, especially on a regular basis, for work or through investments.

Income

100
List 2 important things to keep in mind when choosing a checking account.
-Location -Banking hours -Minimum balance -Monthly fees -Location of ATMs and ATM fees
100
True or False: All checking accounts charge annual fees.
False. Some banks and credit unions offer completely free accounts, especially for students. Monthly or annual maintenance fees associated with some accounts can be easily avoided by maintaining a minimum balance or setting up direct deposit.
200
List an example of a fixed expense and a variable expense.
Ex: Rent and Clothing. (Answers will vary)
200

What happens when you spend more money than is posted in your account?

You are charged an overdraft fee due to NSF (non-sufficient funds). If this happens too often, you will be put in the ChexSystem.

200
This kind of business charges a large fee to exchange your check for cash...
Check cashing store.
300
A record of income and expenses is called a...
Budget
300
It's important to monitor deposits and withdrawals on your own because...
Some transactions do not clear immediately (checks, some purchases made on weekends, purchases that include tips). Reconciling helps you know exactly how much you have in your accounts and avoid overdrafts.
300
List two conveniences associated with online and mobile banking.
-Available 24/7 -Provides an update statement and nearly real time account activity. -You can pay your bills online. -Makes it easy to transfer funds between accounts. -Transactions process quickly.
400
List 3 tips for spending less.
-Carry a small amount of cash. -Use direct deposit. -Pay bills on time. -Buy only what you need. -Think/plan long term.
400

The accounting process that compares two sets of records to check that figures are correct and in agreement for your checking account.

Reconciliation (or balancing your checkbook)

400

What you can look for in a bank to feel secure about depositing your money.

Member of the FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits up to $250,000 if an FDIC-insured bank or savings association fails.

500

Earning interest on interest accrued.

What is compound interest?

500

You opted out of Overdraft Protection and try to use your debit card to buy a concert ticket for $35, but you only have $18 in your account.  This would happen...

The purchase would be declined (not go through)

500
List 3 tips for keeping your identity safe.
-Be careful who you share your personal information with. -Limit your paper trail and guard your data. -Shred personal information before discarding. -Don't leave important papers lying around. -Use a post office mailbox when mailing checks. -Pick up your mail as soon as possible. -Use secure websites (https). -Don't save your passwords on public computers (school, library, etc.) -Only make online purchases through reputable sellers/companies. -Don't provide personal information or account numbers through email.