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Unit 5 Vocabulary
Review
| Question | Answer |
|---|---|
| What is a billing statement? | A bill that tells how much you owe for goods purchased or services used. |
| What is an account? | A record of financial transactions. |
| Utility bill | Used for things we use like electricity, water and garbage collection. |
| Housing bill | The bill you receive for the home in which you live. |
| Rent | The bill you pay if you are renting your home. |
| Mortgage | The bill you pay if you are buying your home. |
| Balance | It is the unpaid amount, or the amount of money the customer owes the provider. |
| Usage/Tranactions | A record of all the activity in the account. |
| Balance total | The amount of money you have in your account. |
| Check | Piece of paper with your checking account number that tells the bank to pay money from your account. |
| Debit Card | Allows you to use it as a check or at an ATM. |
| Overdraft | This occurs when money is withdrawn from a bank account and there is not enough money in the account to cover the check. |
| Currency | Bills and coins we spend for purchases. |
| PIN | Personal Identification Number |
| Security | The ability to keep your money and identity safe. |
| Identity Theft | occurs when someone uses your personal information to create credit accounts |
| Fees | Charges from a bank or lender for services such as a checking account. |
| Your budget goal should be: | Pay Your Bills on Time |
| As soon as you realize your payment will be late, you should contact your lender by ____________________immediately. | Phone |
| What is the most important step if you cannot pay your bills on time? | Make budget adjustments |
| What happens to your credit score if you pay your bills on time? | You will have a higher credit score. |
| The three main forms of cash are: | Currency, checks and debit cards |
| What payment method does not charge interest or fees? | Currency |
| What payment method lets you buy now and make payments later? | Credit Card |
| What payment method can be used to rent cars and reserve hotel rooms? | Credit cards |
| Which method of payment is programmed to pay the same to your lender each month on the same date? | Automatic Draft |
Created by:
bouchers
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