Unit 2

Question 1

checking account

Answer 1

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

Question 2

savings account

Answer 2

an account that you add money frequently but only take out money,

Question 3

balance

Answer 3

the amount of money you have available in your checking or savings account.

Question 4

credit card

Answer 4

a card that you use to borrow money but you must pay it back or you get charged interest on top of what you borrowed.

Question 5

debit card

Answer 5

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

Question 6

deposit

Answer 6

an amount that you ADD to an account

Question 7

direct deposit

Answer 7

getting paid by your employer depositing money DIRECTLY into your checking account

Question 8

withdraw

Answer 8

an act of taking money out of an account.

Question 9

loan

Answer 9

is a sum of money borrowed with the expectation that it will be repaid with interest

Question 10

earnings

Answer 10

money obtained in return for labor or services.

Question 11

Interest

Answer 11

a percentage of the balance that is in addition to the balance

Question 12

fee

Answer 12

is a set amount of money that you must pay

Question 13

transaction

Answer 13

a deposit or withdraw to an account

Question 14

identity theft

Answer 14

when a person uses someone else’s identity (SSN- social security number)

Question 15

debt

Answer 15

to owe someone or something an amount of money

Question 16

transfer

Answer 16

moving money to one account to another account

Question 17

compound interest

Answer 17

the addition of interest to the principal sum of a loan or deposit

Question 18

Charge

Answer 18

fees made by a bank

Question 19

Personal check

Answer 19

is a paper form of payment that is from your checking account

Question 20

Penalty

Answer 20

an additional. amount of money that you must pay for a negative transaction

Question 21

budget

Answer 21

setting aside a certain amount of money for a certain item or event

Question 22

Total

Answer 22

adding or subtracting ALL of the amount of money

Question 23

Value

Answer 23

an amount of money that something is worth

Question 24

Income

Answer 24

an amount of money that you have earned for a service

Question 25

Gross income

Answer 25

the amount of money you earn BEFORE expenses are taken out

Question 26

Net income

Answer 26

the amount of money that you earn AFTER expenses are taken out

Question 27

sales tax

Answer 27

is a percentage (%) of money you must pay on top of the cost of an item

Question 28

Deduction

Answer 28

the action of deducting or subtracting something.

Question 29

coupon

Answer 29

gives a discount on a specific item(s)

Question 30

Discount

Answer 30

an account (percentages %) of a group item

Question 31

Price

Answer 31

is the amount of money that something cost

Question 32

price range

Answer 32

a low and high price for an item but also includes any amount in between

Question 33

unit price

Answer 33

how each item in the package cost

Question 34

sale

Answer 34

is a discount taken off of items throughout the store of business

Question 35

cedit score

Answer 35

is a numerical expression based on a level analysis of a person’s credit files, to represent the credit worthiness of an individual.