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Financial Literacy

QuestionAnswer
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overdraft When the amount of money withdrawn from a bank account is greater than the amount actually available in the account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