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Banking Terms

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  • an amount of) money paid to the government, which is based on your income or of the cost of goods or services you have bought
    Tax
  • What is a withdrawal?
    Taking money out of your account.
  • You have to pay _____ if you do not pay your credit card off every month.
    Interest
  • protection against possible financial loss
    Insurance
  • Your paycheck of $200.00 is automatically deposited into your account. Do you add or subtract $200.00 from the balance?
    Add
  • The money you make by working
    salary, income or wages
  • The person who is at the window of the bank
    teller
  • Which financial institution is not for profit?
    Credit Union
  • The act of taking money out of your account
    with drawal
  • You need to pay your rent of $500.00 today. The balance in your account is $900.00. Do you have enough money to pay the rent today?
    Yes
  • You take $40.00 from you account at an ATM machine to have money for lunch with friends. Do you add or subtract $40.00 from your account balance?
    Subtract
  • What do banks store of all the money in
    bank vault
  • Money you receive on a regular basis
    income
  • Different locations of a bank are called
    branches
  • An account that you have to save money and do not touch
    savings account
  • Which financial institution gives you loans with lower interest rates?
    Credit Union
  • Your $12.00 monthly payment for Netflix is automatically deducted from you account. Will you add or subtract $12.00 from your balance?
    Subtract
  • On a check, the 9-digit number that identifies the bank upon which the payment is drawn.
    Routing Number
  • A plan that you make for managing your money
    a budget
  • Money spent on something is called an
    expense
  • Another name for net- pay
    take home pay
  • What does ATM stand for?
    Automated Teller Machine
  • a small plastic card which can be used as a method of payment, the money being taken from you at a later time.
    Credit Card
  • An account that you use to pay your bills that is linked to your debit card
    checking account
  • Which financial institution is owned by the people who deposit money into it?
    Credit Union
  • Which financial institution is owned by a company?
    A Bank
  • When your account balance falls below zero
    overdrawn
  • True or False: You should use your credit card to pay monthly bills
    FALSE
  • When writing a check to pay a bill, what goes on the "Pay To" line?
    Name of the company or person who is owed the money.
  • You put $200.00 you got as a birthday gift into your bank account. Do you add or subtract the $200.00 from the balance.
    Add
  • You pay $160.00 for your utility bill. Will add or subtract $160 from your account?
    subtract
  • Your current balance is $100. You deposit $50 in your account. What is your balance now?
    $150
  • Which type of account gives you a small percent of interest back?
    Savings
  • What is a DEPOSIT?
    Putting money in your account
  • Do you need to deposit money in an account when you open one?
    Yes
  • The amount of money you have in your bank account
    balance
  • Your _____ _____ is what you use to pay for items from your checking account
    Debit Card
  • money, which is owed to someone else, or the state of owing something
    Debt
  • These are the set of numbers at the bottom of the check that show your personal account information.
    account number
  • A 4 digit number that only you know
    PIN Number
  • a sum of money which is borrowed, often from a bank, and has to be paid back
    Loan
  • Which financial institution has more locations?
    Banks
  • building we go to for money services
    bank
  • What you will need to do if you run out of money in your account
    transfer money from another account or make a deposit
  • You pay your $50.00 cell phone bill online. Will add or subtract $50.00 from your account?
    Subtract
  • when a check cannot be paid or accepted by a bank because of a lack of money in the account
    bounce a check
  • If the bank is closed, how can you get money out of your account
    Use the ATM
  • True or False: We do not need to know how much money is in our account so that we don't run out of money for the things we need.
    False
  • A piece of paper used to pay for things
    check
  • a person who money is paid to or should be paid to
    Payee
  • The amount of money you earn from money in your savings account
    interest
  • What does ATM stand for
    Automatic Teller Machine
  • The fee that the bank charges you for spending more money than you have
    over draft fee
  • Who is the person behind the counter at a bank that helps you?
    A Teller
  • What does PIN stand for?
    Psersonal identification Number
  • money in the form of notes and coins, rather than checks or credit cards
    cash
  • You will be charged a ______ if you overdraw your account
    Fee
  • a small machine used to help you count money
    calculator
  • to exchange a check for cash
    cash a check
  • What does 'overdraw' mean?
    Spent more money than you had in your account.
  • The electronic transfer of a payment directly into your bank account
    Direct Deposit
  • At the end of each month you will receive a ___________ in the mail
    Bank Statement
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