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Earning an Income

Unit 3-5

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.
Created by: mmiron