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Earning an Income
Unit 3-5
Question | Answer |
---|---|
What is the name of the person(s) who who get your money if you die? | Beneficiary |
What is a service charge? | Money you pay to the bank for a service, like preparing the monthly bank statement. |
What does "limited transaction" mean? | You can only do a few transactions (like writing checks). |
What is a transaction? | Something you do at the bank, like depositing your paycheck or withdrawing cash |
What is a brochure? | A folded paper, printed with information about something |
What is it called when you take money out of your bank account? | Withdrawal |
What is the name of the smallest amount you can have in a bank account? | minimum balance |
What is it called when you put money in your bank account? | Deposit |
What is a digit? | A single number from 0 to 9. |
What is it called when a person signs his or her name on the back of a check exactly the way it is written on the front of a check? | Endorse |
What is the bank number on a check? | ABA Number |
On a check, what line tells you the reason the check was written? | Memo |
On a check, what line do you use to write down who you are paying? | Pay to the Order of |
What means "up to date"? | Current |
What is a record of transactions in your account that the bank mails to you at the end of the month? | Bank Statement |
What part of your checkbook do you use for writing down all of your deposits, checks, bank charges, and balance? | Check Register or Transaction Record |
What is an Applicant? | A person who applies for an account and fills in personal information that is asked. |
If you spend more money than what you have in the bank, what happens? | Your account is overdrawn. |
What is a "bounced" check? | A check that was written by you and cashed at the bank without enough money in your account to cover it. |