Show:
Cash In
Cash Out
Check
Yourself
Take It To
The Bank
100
Your total pay before any deductions are made is known as...
Your gross pay.
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
Explain the differences between a credit card and a debit card.
Debit Card -Buy now, pay now. -No interest charged. -Money is immediately taken out of your account. Credit Card -Buy now, pay later. -Interest is charged. -You are billed monthly for money that is borrowed, plus interest and fees.
400
What advantages does a debit card connected to a checking account have over a pre-loaded debit card?
Pre-loaded cards charge a lot of fees. A debit card associated with a checking account can be used with little or no cost. If your employer tells you they will pay you on a pre-loaded card, tell them you want to set up direct deposit to your checking account.
500
Earning interest on interest accrued as well as principal.
What is compound interest?
500
What is ChexSystem and how does someone end up in it?
A database of account misusers that is accessed by financial institutions. Things like bouncing checks or frequent overdrafts will land you in ChexSystem.
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.