Unit 2 occprep

Question 1

Transaction

Answer 1

A deposit or withdrawal from an account

Question 2

Deposit

Answer 2

An amount of money that you ADD to an account

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

Checking Account

Answer 5

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

Question 6

Savings Account

Answer 6

An account that you add money to frequently but only take out money

Question 7

Direct Deposit

Answer 7

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

Question 8

Withdrawal

Answer 8

TAKING OUT money from an account

Question 9

Balance

Answer 9

The amount of money in an account at any given time

Question 10

Loan

Answer 10

An amount of money that you owe a person or business and will possibly be charged interest

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 of amount of money that you must pay

Question 13

Identity Theft

Answer 13

When a person uses someone else’s identity (SSN - Social Security Number to purchase items or open accounts

Question 14

Transfer

Answer 14

Moving money from one account to another account.

Question 15

Debt

Answer 15

To OWE someone or something an amount of money

Question 16

Personal check

Answer 16

Is paper form of payment that is from your checking account

Question 17

Penalty

Answer 17

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

Question 18

Value

Answer 18

An amount of money that something is worth

Question 19

Total

Answer 19

Adding or subtracting ALL of the amount of money

Question 20

Budget

Answer 20

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

Question 21

Income

Answer 21

An amount of money that you have earn for service

Question 22

Gross Income

Answer 22

The amount of money you earn BEFORE expenses are taken out

Question 23

Price

Answer 23

Is the amount of money that something costs

Question 24

Range

Answer 24

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

Question 25

Unit Price

Answer 25

How much each item in the package costs

Question 26

Net income

Answer 26

The amount of money 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

Coupon

Answer 28

Gives you a discount on a specific item(s)

Question 29

Discount

Answer 29

An amount (percentage%) of a group of items

Question 30

Sale

Answer 30

Is a discount taken off of items through out the store or business