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Hands on Banking--
Vocab words we have to creat for social studies
| Question | Answer |
|---|---|
| 401(k)Plan | A flexible retirement plan for businesses with employees. Investors inn the plan don't have to pay taxes on the income they invest until they withdraw the funds at retirement age. |
| Account | See bank account |
| Account fee | The amount charged by a financial institution for the services they provide in managing the account. This may also be called the monthly service fee. |
| Annual fee | The fee a credit company charges a credit card holder to use the card for a year. Or, the fee lender charges a borrower for the use of a line of credit for a year. |
| Automated teller machine(ATM) | A specialized computer used by bank customers to manage their money, for example, to get cash,make deposits, or transfer money between accounts |
| Available balance | The exact amount of money contained in a deposit account according to the bank. |
| Bad check | See Non-sufficient funds) |
| Bad credit | A situation in which lenders believe that, due to a borrower's poor history of repaying his or her debts, further loans tot his person would be especially risky. |
| Balance your checkbook | The process of comparing your monthly checking account statement with you check register to make sure that our records and the bank's records match. Also called reconciling your account. |
| Bank | A financial institution that handles money, including keeping it for saving or commercial purposes, and exchanging, investing, and supplying it for loans. |
| Bank account | A banking service |
| Bank Statement | A monthly accounting document sent to you by your bank that lists your accoutn balance at the beginning and end of the month, and all of the checks you wrote that your bank has processed. |
| Bounced check | (see non sufficent funds) |
| Budget | A monthly or yearly spending and savings plan developed by a person, family,or buissness. |
| Canceled check | A customer's check that the bank has paid and charged against the check writer's account. |
| Charge card | Similar to a credit card, except that a charge card requires the card holder to pay off the entire balance monthly |
| Check | A written order instructing the bank to pay a specific amount of money to a specific person or entity. |
| Check register | A small notepad you recive when you open a checking account for the purpose of tracking you deposits, withdrawls, and current balance |
| Checking account | A bank account that allows the customer to deposit and withdrawl money and write checks. |
| Co-signer | A second person who signs your credit or loan application. |
| Cost of the loan | The total amount the borrower pays for a loan, including the amount borrowed (or principal), the total interest paid over the teerm of the loan, and all loan fees. |
| Credit | When a bank or business allows its customers to purchase goods or services on the promise of future payment. |
| Redit card | Any card that may be used repeatedly to borrow money or buy products and services on credit. |
| Credit history | A written record of a person's use of credit, including applying for credit, and using credit or loans to make purchases. |
| Credit limit | The maximum dollar amount the lender is willing to make available to the borrower according to the agreement between them. |
| Credit record | (see credit history) |
| Credit union | A non-profit financial institution that is owned and operated entirely by its members. |
| Creditor | An individual or business that lends money or extends credit. |
| Currency | Any form of money that is public circulation, for example, paper bills and coins. |
| Debit card | A card linked to a checking account that can be used to withdraw money and make deposits at an ATM and to make purchases at merchants. |
| Deposit | To put money into your account. |
| Deposit envelope | A printed envelope provided by a financial institution. |
| Deposite slip | A printed form supplied by a financial institution |
| Discretionary expense | The purchase of goods and services which are not essentially to the buyer or are more expensive then necessary. |
| Earning power | The amount of money a person is able to make from his or her work |
| Earnings | (see Income) |
| Economy | Activities related to the production of goods and services in a particular geographic region, such as country, state, or union. |
| Endorse | To sign the back of a check, authorizing the check to be exchanged for cash or credit. |
| Establishing credit | Giving lenders the trust and confidence tot make loans to you based on good history of paying your debts. |
| Expense | For individuals, an expense is a cost of living , for example; rent or groceries. |
| Federal Deposit Insurance Corporation(FDIC) | An agency of the federal government that insures all bank deposits up to $250,000 per person. |
| Federal reserve | An independent governmental agency established by Congress to organize and regulate banking throughout the United States. |
| Fees | Charges for services by a financial institution or lender. |
| Finance charge | The amount of money borrowed pays to a lender for the privilege of borrowing money, including interest and other service charges. |
| Fixed cost, Fixed expense | For an individual, a fixed cost is an expense that stays the same each month, such as rent or a car payment |
| Flexible expense | An expense that you can control o adjust,for example, how much, how much you spend on groceries, clothes, or long distance phone calls. |
| Good credit | A situation in which lenders are willing to make loans to an individual, due to his or her good history of repaying debts. |
| Income | For an individual, income means the amount of money received in exchange for labor or services, from the sale of goods or property , as or profit from financial investents |
| Interest | The amount of money paid by a borrower to a lender in exchange for the use of the lender's money for certain period of time. |
| Interest rate | The amount of interest paid per year divided by the principal amount (that is, the amount loaned, deposited, or invested). |
| Joint account | A bank account owned by two or more people who are equally responsible for the account |
| Late fee | The charge or fee that is added to a loan or credit card payment is made after the due date. |
| Lender | A business that makes money available for others to borrow. |
| Loan | An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over a period of time. |
| Minimum balance | A specific amount of money required by a financial institution in order to open or maintain a particular account. |
| Minimum payment | The least amount of money to be repaid on a loan or credit card in order to keep the account in good standing. |
| Non-sufficent funds | The lack of money in an account to pay a particular check or payment. |
| Online Banking | A service that allows you to handle banking activities by computer, using the internet. |
| Outstanding banking | The amount still owed on a bill, loan, or credit line. |
| Overdraft | When there is not enough money ina n account to cover a transaction and the bank pays it on your behalf, creating a negative balance account that you need to repay. |
| Overdraft Protaction | Offered by many banks, overdraft protection is ao service that automatically transfers money froma linked account that you select, such as a savings or credit account, when you dont have enough money in you checking account to pay you transactions. |
| Payee | The person, company, or organization t whom a check is written |
| Payor | The person or company from whose account thr money is to be taken to pay a check: a person or company who pays money. |
| Personal identification number(PIN) | A secret combination of letters or numbers you use to gain access to you account through an electronic device such as an ATM. |
| Principal | The total amount of money borrowed, loaned, invested, etc, not including interest or service charges. |
| Reconcile | The process used to determine if the balance in your account statement. |
| Register | A small notepad you recive when you open a bank account for the purpose of tracking you deposits, withdrawls, and current balance |
| Regular savings account | (see savgins account) |
| Risk | The measurable likelihood of loss, or less-than-expected return, or an investment or a loan. |
| Rounting nuber | The nine-digit number on the bottom left hand corner of your check to the left of your account number |
| Rule of 72 | A way to estimate the time or interest rate you would need to double your money on an investment. |
| Sales tax | A tax charged by the state or city on the retail price of an item, collected by the retailer |
| Savings account | A bank account that allows a customer to deposit and withdrawl money and earn interest on the balance |
| Savings account register | A small notepad you recive when you open a savings account for the purpose of tracking you deposits, withdrawls, and current balance |
| Service fees | (see fees) |
| Spending limit | (see credit limit) |
| Statement | (see bank statement) |
| Term | A period of time over which a loan is scheduled to be repaid. |
| Unpaid balance | The amount that is still owed on a loan or credit card debt |
| Vaule | Having worth, desirability, or usefulness |
| Withdrawl | To take money out of an account |
| Withdrawl slip | A printed form supplied by a financial institution onto which the customer writes the amount of money to be taken out |
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Xox142
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