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Unit 5 Vocabulary

Review

QuestionAnswer
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 Use 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Overdraft This occurs when money is withdrawn from a bank account and there is not enough money in the account to cover the check.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