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Social Studies Study
Questions to study for test
| Question | Answer |
|---|---|
| What is a financial Institution? | A business dealing with money and financial transactions( bank) |
| What services do Banks offer? | Checking and saving accounts, debit cards, and credit cards. |
| What is required when making a deposit? | Your account number. |
| What is Net Pay? | The amount of money you get paid after taxes. |
| What is a checking account? | A checking account is a deposit account held at a financial institution that allows withdrawals and deposits. |
| How do checks work? | When you write a check your are either depositing money of withdrawing money. |
| What is a register used for? | To transfer money when purchasing something from a store. |
| What is direct deposit? | Electronic transfer of money from one account to another. |
| What is the difference between credit cards and debit cards? | Debit cards allow you to spend money by drawing on funds you have deposited at the bank. Credit cards allow you to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash. |
| How does a saving account work? | A savings account works by opening and funding your account. In return, the bank pays you interest on your savings because they use your money to make loans to other people. The take your money and pay loans for other people. |
Created by:
spamertaym
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