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Vocabulary Banzai

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Question
Answer
Account   Arrangement with a bank or credit union you deposit and withdraw money.  
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Account Statement   List of financial transactions you made over a given period  
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ATM   Used to withdraw cash from a checking account  
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Bad Check   Check written for more money than is available in your account  
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Budget   Plan used the amount of money used to spend, and how it will be spent  
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Check   AN order to pay another person an amount of money from your account  
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Check Register   Record of all deposits to and withdrawals from a checking account  
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Checking Account   Account where money can be with drawn with checks or a debit card  
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Cleared Check   When money has transferred from the account of the payer to the payee  
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Convenience Fee   Charged when using an ATM not owned by your bank or credit union  
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Credit Card   Allows you to make purchases and pay for them at a later date  
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Debit Card   Used to make purchases with funds directly from a checking account  
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Deposit   Money placed into an account  
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Direct Deposit   Paycheck that is electronically transferred into your account  
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Gross Pay   The total amount of a paycheck before taxes  
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Jar   Money set aside for a specific purpose (like a budget item)  
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Health Insurance   Insurance that covers medical illness or injury  
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Insurance   A product offered by a company promising to protect you from specific financial risks  
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Interest Rate   The percentage cost of borrowing for someone else  
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Loan   Money lent to someone else in exchange for future payment  
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Net Pay   The amount of a paycheck after taxes are subtracted from Gross Pay  
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Overdraft   Credit extended from a financial institution when an account has insufficient funds  
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Reconciliation   A way to balance your account records with your bank or credit union  
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Renters Insurance   Covers your personal property in a rented apartment or home  
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Savings Account   Account for storing or saving money with limited withdrawals  
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Transfer   When money is moved from one account to another  
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Utilities   A term used to reference electric, water, gas, and other services  
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Overdraft Fee   A fee charged to your account when you spend more money than you have  
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Created by: 22cole.mallory
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