Vocab 2

Question 1

billing cycle

Answer 1

Interval between periodic billing for goods or services, a system whereby statements
are mailed at a periodic rate

Question 2

debit

Answer 2

a sum of money deducted from your account

Question 3

prepaid card

Answer 3

a card that is loaded with a specific cash amount but works like a debit card

Question 4

credit card

Answer 4

a card that allows the holder to make purchases without cash on “borrowed money”

Question 5

deposit slip

Answer 5

a form you fill out to credit money to your account when you make a deposit

Question 6

person to person payment

Answer 6

an online process that allows you to send money directly from your bank account to a friend

Question 7

outstanding deposit

Answer 7

a deposit that has been made but not yet added to the persons account

Question 8

overdraw

Answer 8

to write a check or make a withdrawal when there isnt enough money in the account

Question 9

deposit

Answer 9

money you put into your account

Question 10

insufficient funds

Answer 10

not having enough funds in account when presenting a check or transaction for payment

Question 11

checkbook

Answer 11

a handy portfolio that holds important deposit slips, receipts, and other ATM/debit card transactions

Question 12

check register

Answer 12

A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals

Question 13

endorse

Answer 13

to sign the back of a check made out to you so it can be cashed or deposited

Question 14

debit cards

Answer 14

a plastic card that enables you to do ATM transactions and to make purchases instead of using cash or writing a check

Question 15

bank statement

Answer 15

The banks accounting of your transactions

Question 16

out standing check

Answer 16

a check that has been written but not yet deducted from the persons bank account

Question 17

transaction

Answer 17

any activity or business carried on with a bank such as withdrawals and deposit

Question 18

canceled check

Answer 18

a check that has been returned to pager after the payment has been subtracted from the account balance by the bank. it may not be used again

Question 19

signature card

Answer 19

a card used when opening a new account that includes name, address, birthdate

Question 20

check

Answer 20

a written order to the bank that tells it to take a stated amount of money from your account and pay it to another

Question 21

post date

Answer 21

to write a future date on a check

Question 22

direct deposit

Answer 22

your employer automatically deposits your check into your bank accoutn

Question 23

finance charge

Answer 23

the total amount paid for specific transactions, amount determined by banks and credit unions

Question 24

balance

Answer 24

the amount of money you have in your bank account

Question 25

payee

Answer 25

the person whom the check is made payable

Question 26

interest

Answer 26

a fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card

Question 27

check cashing store

Answer 27

a business that cashes checks, gives the customer cash minus a fee

Question 28

reconcile

Answer 28

to balance your checking account with your monthly statement from the bank

Question 29

credit

Answer 29

A sum of money deposited into an account. You can use a credit to charge merchandise or borrow money

Question 30

ATM

Answer 30

Allows a customer to get out physical currency from their account