Vocab 1
Only a set amount
Limited
To sign the back of a check
Endorse
This is when you use money to buy things
Spend
This is when you use money to save for things
Where does the money from a debit card come from
Checking account
This account is used to pay bills and to buy things
Checking Account
Like a password, usually only 4 digits long
PIN Number
To take money out of an account
Withdrawal
A record of your checking account transactions
What is the memo line on a check
What you wrote the check for
A safe place where you can keep money
Bank
Savings Account
Deposit
What are 3 examples of a need
Water, food, shelter
What are two example of jobs you can do to earn money
Babysitting or mowing lawns
What you must have in order to live
Need
What you do not need in order to live
Want
Comes with a checking account and has a PIN number
Debit Card
What are 3 examples of a want
X-box, phone, tv
Where should you record your checking transactions
Check register
A written document that authorizes the transfer of money from a bank account to a person or business.
Check
A deposit that goes directly into your account
Direct Deposit
When you write a check and you do not have the money in your account to cover it
Bouncing a check
What are the 6 steps when writing a check (in order)
1. Date
2. Pay to the order
3. Amount in #s
4. Amount in words
5. Memo
6. Sign
What are the 4 different bank accounts we talked about in class
Savings, Checking, Money Market, CD (Certificate of Deposit)