Unit 2 Flashcards

1
Q

Transaction

A

A deposit or withdrawal from an account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Checking Account

A

An account that you open at a bank that you can access multiple times a day if needed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Credit Card

A

A card that is used to borrow money BUT you must pay it back or you get charged interest on top of what you borrowed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Debit Card

A

A card that you use to purchase things, and the amount comes directly out of your checking account.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Savings Account

A

a bank account that earns interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Deposit

A

An amount of money that you ADD to an account

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Direct Deposit

A

The electronic transfer of a payment directly from the account of the payer to the recipient’s account.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Withdraw

A

Remove or take away (something) from a particular place or position.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Loan

A

A thing that is borrowed, especially a sum of money that is expected to be paid with interest.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Earnings

A

Money obtained in return for labor or services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

interest

A

Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

fee

A

A payment made to a professional person or to a professional or public body in exchange for advice or services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Identity Theft

A

the fraudulent acquisition and use of a person’s private identifying information, usually for financial gain.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Debt

A

something typically money, that is owed or due.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Transfer

A

change to another place, route, or means of transportation during a journey.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Compound Interest

A

Compound Interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.

17
Q

Charge

A

A price asked for goods or services

18
Q

Personal Check

A

a check drawn against funds deposited in your personal checking account.

19
Q

Penalty

A

a punishment imposed for breaking a law, rule, or contract.

20
Q

Budget

A

An estimate of income and expenditure for set period of time.

21
Q

Total

A

Comprising the whole number or amount.

22
Q

Value

A

The regard that something is held to deserve; the importance, worth of usefulness of something.

23
Q

Income

A

Money received, especially on a regular basis, for work or through investments.

24
Q

Gross Income

A

For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.

25
Q

Net Income

A

In business and accounting, net income is an entity’s income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.

26
Q

Sales Tax

A

A tax on sales or on the receipts from sales.

27
Q

Deduction

A

The action of deducting or subtracting something.

28
Q

Coupon

A

A voucher entitling the holder to a discount for a particular product.

29
Q

Discount

A

A deduction from the usual cost of something, typically given for prompt or advance payment or to a special category of buyers.

30
Q

Price

A

The amount of money expected, required, or given in payment for something

31
Q

Price range

A

The highest and lowest price recorded within a given time on a market

32
Q

Unit price

A

Average prices represent, quite simply, total sales revenue divided by total units sold.

33
Q

Sales

A

The exchange of a commodity for money; the action of selling something

34
Q

Credit score

A

A number assigned to a person that indicates to lenders their capacity to repay