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Consumer Ed > Banking Unit > Flashcards

Banking Unit Flashcards

1
Q

What is it called when you put money into your account?

A

Deposit

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2
Q

What is it called when you take money out of your account?

A

Withdrawal

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2
Q

How do banks make money?

A

Off the INTEREST they make when they loan money

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3
Q

What you can buy with the amount of money you have is called…

A

Purchasing power

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4
Q

What is the purpose of the FDIC?

A

Insures your money in the bank for up to $250,000

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5
Q

What is it called when you trade goods or services without exchanging any money?

A

Barter

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6
Q

What is paper money and coins called?

A

Currency

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7
Q

A written record of all your transactions is called…

A

Bank statement

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8
Q

How often do you receive a bank statement when you have a checking account?

A

Once a month

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9
Q

Why should you start writing the the WRITTEN amount of the check to the furthest left of the line?

A

So nobody can change the amount

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10
Q

What is the booklet for recording your transactions called?

A

Check register

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11
Q

The total amount in your account on a specific date is called what?

A

Your account balance

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12
Q

What is it called when you write a check for more money than you have in your account?

A

Overdraw

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13
Q

The form you fill out in order to put money into your account is called…

A

Deposit slip

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14
Q

What does ‘for deposit only’ mean?

A

You can only deposit the check

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15
Q

When you knowingly write a check to someone for more money than you have in your account because you know you will put money in your account before the check is cashed is called…

A

Floating check

16
Q

A bank account that allows you to write checks to make payments is called…

A

Checking account

17
Q

A form of payment that you fill out for any amount, to whomever you want

A

Check

18
Q

Signing the back of your check is called…

A

Endorsing the check

19
Q

The percentage of money the bank is going to pay you for borrowing your money is called…

A

Interest

20
Q

A machine terminal you use to deposit cash, withdrawal cash, and transfer money between accounts is called…

A

ATM

21
Q

Your secret number that identifies you to the ATM as the owner of the card is called…

A

Your PIN number

22
Q

Having your paychecks automatically deposited into your account on payday is called…

A

Direct deposit

23
Q

Banking where you form a user name and password to access your accounts from your own home is called…

A

Online banking

24
Q

You see what you like and buy it without thinking it through is called…

A

Impulsive spending

25
Q

Accounts offered where you can deposit money, earn INTEREST, and withdrawal money at any time is called…

A

Savings account

26
Q

A deposit in a bank that earns a FIXED interest rate for a time period of 3 months to 10 years is called…

A

CD

27
Q

A type of investment that you can buy or can be given to you that earns interest as it matures is called…

A

Savings bonds

28
Q

The amount of money written on the bond is called…

A

Face value

29
Q

True or false: banks have more regulations than any other business.

A

True

30
Q

True or false: banks evaluate people that are trying to borrow money before they will give out a loan.

A

True

31
Q

True or false: you have to fill out a check when making a deposit.

A

False

32
Q

True or false: when you put money in a CD, you can take out the money before the time is up with no penalty.

A

False

33
Q

True or false: CDs typically have lower interest rates than savings accounts.

A

False

34
Q

True or false: you should record your deposits in your check register.

A

True

35
Q

True or false: you can be charged a service charge for using a different banks ATM.

A

True

36
Q

True or false: the more money you have in your savings account, the less interest you will make.

A

False

37
Q

What is the one thing you must do before you can cash a check someone has given you?

A

Endorse the check (sign the back)

38
Q

Debit cards go with what type of accounts: checking or savings?

A

Checking

Consumer Ed (3 decks)

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