Unit 2

Question 1

Transaction

Answer 1

A deposit or withdrawal from an account

Question 2

Checking Account

Answer 2

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

Question 3

Credit Card

Answer 3

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.

Question 4

Debit Card

Answer 4

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

Question 5

Savings Account

Answer 5

a bank account that earns interest.

Question 6

Deposit

Answer 6

An amount of money that you ADD to an account

Question 7

Direct Deposit

Answer 7

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

Question 8

Withdraw

Answer 8

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

Question 9

Loan

Answer 9

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

Question 10

Earnings

Answer 10

Money obtained in return for labor or services.

Question 11

interest

Answer 11

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

Question 12

fee

Answer 12

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

Question 13

Identity Theft

Answer 13

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

Question 14

Debt

Answer 14

something typically money, that is owed or due.

Question 15

Transfer

Answer 15

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

Question 16

Compound Interest

Answer 16

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

Question 17

Charge

Answer 17

A price asked for goods or services

Question 18

Personal Check

Answer 18

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

Question 19

Penalty

Answer 19

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

Question 20

Budget

Answer 20

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

Question 21

Total

Answer 21

Comprising the whole number or amount.

Question 22

Value

Answer 22

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

Question 23

Income

Answer 23

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

Question 24

Gross Income

Answer 24

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.

Question 25

Net Income

Answer 25

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.

Question 26

Sales Tax

Answer 26

A tax on sales or on the receipts from sales.

Question 27

Deduction

Answer 27

The action of deducting or subtracting something.

Question 28

Coupon

Answer 28

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

Question 29

Discount

Answer 29

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

Question 30

Price

Answer 30

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

Question 31

Price range

Answer 31

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

Question 32

Unit price

Answer 32

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

Question 33

Sales

Answer 33

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

Question 34

Credit score

Answer 34

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