Shared Flashcard Set

Details

Budgeting and Banking
n/a
18
Business
10th Grade
09/02/2014

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Cards

Term
ATM
Definition
automatic teller machine-a bank machine that gives out cash from your account and accepts deposits around the clock
Term
Balancing a checking account
Definition
calculations that are made to determine the difference between the payments from, and the deposits to, a checking account
Term
bank
Definition
financial institution at which you can get a checking account or savings account
Term
bank statement
Definition
monthly printout from your bank that shows all transactions in your accounts
Term
basic checking account
Definition
a no-frills checking account that offers a low minimum opening deposit and reduced fees for students
Term
check
Definition
a debit against your checking account written on a paper form
Term
check cashing service
Definition
business that charges a fee to cash a check such as a paycheck. banks will provide this service for free to their customers
Term
check register
Definition
the book in which you keep records
Term
Debit Card
Definition
like a credit card, but directly attached to a checking account, and can be used with a PIN to pay for items at a store
Term
direct deposit
Definition
an automatic deposit of a paycheck without having to take a physical check to the bank
Term
fees
Definition
service fees for use of the checking account, built into the service agreement
Term
interest bearing account
Definition
a checking account that pays interest on the balance
Term
overdrafts
Definition
amounts withdrawn from your account beyond the money the account held. also known as non-sufficient funds or bounced check
Term
payday loan
Definition
a short-term very high interest cash advance based on a paycheck usually from private non-bank sources these loans are often due the next payday
Term
budget
Definition
a written cash flow plan
Term
cash flow statement
Definition
a summary that shows total income and spending for a given time period
Term
carbon check
Definition
a copy of each check you write
Term
envelope system
Definition
series of envelopes that are divided into categories and are used to store cash for planned monthly expenses
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