Banking Vocabulary Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| 50/20/30 | A popular savings rule of thumb, 50% goes to necessities, 20% goes to saving and debt payment, and 30% goes to flexible spending. |
| Check Register | A record that allows you to keep track of checks you've written, ATM/debit card transactions, deposits, and withdrawals. |
| Compound Interest | Reinvesting earned back into the principal to allow money to grow exponentially over time. |
| Credit | A sum of money deposited INTO an account. |
| Credit Card | A card that allows the holder to make purchases without cash by borrowing money. |
| Debit | A sum of money deducted from your account. |
| Debit Card | A card that is directly connected to your checking account; enables you to conduct ATM transactions and make purchases. |
| Deposit | Money you put into your account. |
| Deposit Slip | A form you fill out to credit money to your account when you make a deposit. |
| Direct Deposit | An automatic electronic deposit of net pay to an employee's designated bank account. |
| Emergency Fund | Money set aside for unanticipated expenses or loss of income. |
| Endorse | To sign the back of a check made out to you so it can be cashed or deposited. |
| FDIC Insurance | (Federal Deposit Insurance Corporation) Protects the deposits of customers against loss up to $250,000 per account. |
| FOMO | (Fear Of Missing Out) Tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere; aroused by posts seen on social media. |
| Impulse Buying | The buying of goods without planning to do so in advance; a result of a sudden whim or urge. |
| Inflation | The rate at which the price of goods increases and consumer purchasing power decreases over time. |
| Interest | A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card. |
| Living Paycheck to Paycheck | Using most or all of your monthly income to cover your monthly expenses, leaving little to no spare cash for saving or investing. |
| Maintenance Fee | A monthly fee that some banks charge to provide access to checking or savings accounts. |
| Minimum Balance | A certain amount of money that must be kept in an account as required by that particular financial institution. |
| Monetary Inflation | Inflation caused by growth in the economy's money supply. |
| Money Market Savings Account | A type of savings account that may allow debit card and check writing privileges. |
| Money Order | A certificate allowing the stated payee to receive cash on-demand, usually issued by governments and banking institutions. |
| Online Bill Pay | A consumer banking technology that allows you to schedule and make payments over the internet. |
| Outstanding Check | A check that has been written but has not yet been cashed or deposited by the payee. |
| Overdraft Fee | A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyways. |
| Pay Yourself First | A method of saving whereby you put a fixed amount of income into a savings account before you pay monthly bills or make purchases. |
| PIN | Personal Identification Number needed to use an ATM card. |
| Postdate | To write a future date on a check. |
| Principal | Original amount of money saved or invested, separate from interest or earings. |
| Purchasing Power | The number of goods and services that money can buy. Can weaken in time due to inflation. |
| Reconcile | To compare your bank's monthly account statement with your own records of activity for the same account. |
| Rule of 72 | A popular trick to find out how many years it will take your money to double depending on what interest rate you're receiving. |
| Simple Interest | Interest paid on the principal alone. |
| Transaction Fee | A fee charged if the number of withdrawals from your savings account exceeds the federal limit, six free withdrawals and transfers per month. |
| Traveler's Check | A check used to buy goods or services or be exchanged for cash when traveling for greater security. |
| Voided Check | A check with "VOID" written across it so that it can no longer be used. |
| Wire Transfer | An electronic communication that moves funds from an account in a different bank instantly. Sends money securely when the two parties aren't in the same geographic location. |
Created by:
ksmith3436
Popular Finance sets