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Financial Literacy
| Question | Answer |
|---|---|
| income or earnings | When you receive money in exchange for your work |
| earning power | The ability to earn money in exchange for work |
| bank | An establishment where money is kept for saving and other purposes |
| budget | Limits you place on spending on types of items or categories |
| ATM | A machine that can process a variety of banking transactions |
| automatic bill payment | A checkless system for paying recurring bills |
| business Day | Any day on which offices of a bank are open to the public for carrying out all of the bank's business |
| canceled check | A check that a bank has paid, charged to the account holder's account, and then endorsed |
| checking account | A bank account in which checks may be written against amounts on deposit |
| debit card | This card allows the account owner to access their funds electronically to obtain cash or purchase goods |
| deposit slip | An itemized memorandum of the cash and other funds that a customer presents to the bank for credit to their account |
| direct deposit | A payment that is electronically deposited into an individual's account |
| insufficient funds | When a depositor's checking account balance is inadequate to pay a check presented for payment |
| online banking | A service that allows an account holder to obtain account information and manage banking transactions through a personal computer electronic banking |
| overdraft | When the amount of money withdrawn from a bank account is greater than the amount actually available in the account |
| payee | The person or organization to whom a check is made payable |
| payor | The person or organization who pays |
| PIN | A four-character number or word |
| reconciliation | Balancing your checkbook with what the bank shows you have in your account |
| service charge | A charge assessed by a bank for processing transactions and maintaining accounts |
| signature card | A card signed by each customer which is used by the bank to confirm their identity |
| statement | A summary of all transactions that occurred over the previous month |
| stop payment | An order not to pay a check that has been issued but not yet cashed |
| account | an arrangement where the bank keeps a record of the money that a person puts in and takes out of the bank |
| balance | How much money you have in an account |
| assets | Items of value that you own |
| debts | Money you owe to someone else |
| categories | Groupings that organize various expenses or income so you can see patterns |
| identity theft | When criminals use a a person's personal information to open or use an account to carry out financial transactions |
| phishing | the activity of defrauding an online account holder of financial information by posing as a legitimate company |
| cash | Bills, coins, and checks that are acceptable at banks are are known as cash |
| check | A negotiable instrument that instructs the bank to pay a particular amount of money from the writer's bank |
| deposit slip | A form showing the amount of paper money, coins, checks that are being deposited into a bank account |
| endorsement | signing the back of a check |
Created by:
costin
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