Banking Basics
This is the type of account you use for everyday spending with a debit card.
Checking account
This number represents how trustworthy you are when borrowing money
Credit score
This is money you earn from a job or allowance.
Income
This is something you should compare before buying, like prices at differnt stores.
Comparison Shopping
This is when someone tries to trick you into giving personal information online.
Phishing
This account is used to store money and earn interest over time.
Savings account
Paying your bills on time helps improve this.
Payment history
This is a plan for how you will spend and save your money.
A Budget.
This is the total amount you pay after tax is added.
Total cost
You should never share this number linked to your bank account or identity.
Social Security number
This is the fee you might pay if you spend more money than you have in your account.
Overdraft fee
This type of card lets you borrow money and pay it back later.
Credit card
This is money set aside for unexpected expenses.
An Emergency fund
This is money you pay regularly for things like rent or a car payment.
Fixed expenses
This type of message often says "Urgent" or Act now" to trick you.
Scam message
This is what an ATM allows you to do without going inside a bank or credit union.
Withdraw/Deposit/Check Balance
This is what you pay extra when borrowing money (cost of borrowing).
Interest
Needs are things you must have, while these are things you just would like to have.
Wants
This type of purchase usually loses value over time (like a car).
Depreciating asset
This is what you should do if you notice suspicious activity on your account.
Contact your financial institution
This is the name for money you put in the bank that they keep safe for you.
This happens to your credit score if you miss multiple payments.
Credit score decreases
Spending more money than you earn is called this.
Overspending or living beyond your means
This is the long-term benefit of saving money early.
Compound interest
This is the term for stealing someone's personal information to use as your own.
Identity theft