AOF POF Lesson 5 and 6 Vocabulary

Question 1

An unattended computerized machine that dispenses money when a personal coded card is used

Accepted Answer

ATM

Question 2

A book containing blank checks to be used by the holder of a bank account

Accepted Answer

Checkbook

Question 3

expenses that are not considered essential to the household or business

Accepted Answer

Discretionary Expenses

Question 4

The section of a bank statement that provides a quick overview of account activity

Accepted Answer

Account Summary

Question 5

Expenses that remain the same regardless of the circumstances

Accepted Answer

Fixed Expenses

Question 6

A type of smartphone app that lets an someone pay people and businesses using a cell phone.

Accepted Answer

Mobile Payment

Question 7

account in which you can withdraw available funds by writing a check or by using a debit card

Accepted Answer

Checking Account

Question 8

A description of a person’s or an organization’s finances.

Accepted Answer

Financial Health

Question 9

A type of banking whereby transactions are made via a smartphone or tablet app.

Accepted Answer

Mobile Banking

Question 10

A booklet used to track and balance checking accounts.

Accepted Answer

Check Register

Question 11

A method of payment that is electronically deposited into an individual’s account.

Accepted Answer

Direct Deposit

Question 12

A loan that is backed by collateral such as cars, houses, or other assets.

Accepted Answer

Secured Loan

Question 13

Money that is received from any source

Accepted Answer

Income

Question 14

The process of comparing two sets of records and getting them to correspond.

Accepted Answer

Reconciliation

Question 15

A record of money deposited in a financial institution for a time period at a fixed rate

Accepted Answer

Certificate of Deposit

Question 16

A loan that is not backed by collateral but by the promise of the borrower to repay it.

Accepted Answer

Unsecured Loan

Question 17

Income that is available after all of the essential financial commitments have been paid

Accepted Answer

Discretionary Income

Question 18

An expense that changes from period to period, such as food or gasoline costs.

Accepted Answer

Variable Expenses

Question 19

allows customers to manage their banking transactions through computerized network services.

Accepted Answer

Electronic Banking

Question 20

summary of all financial transactions occurring on an account from a financial institution

Accepted Answer

Bank Statement

Question 21

financial shortage when liabilities exceed assets or when more cash is spent than is received

Accepted Answer

Deficit

Question 22

money paid from an account that results in decreasing the account balance

Accepted Answer

Debit

Question 23

account that offers interest on deposits, but it may have some restrictions.

Accepted Answer

Savings Accounts

Question 24

A detailed plan to manage the spending and saving of money.

Accepted Answer

Budget

Question 25

The act of taking money out of an account.

Accepted Answer

Withdrawal

Question 26

Goals that are specific, measurable, attainable, realistic, and time-bound.

Accepted Answer

SMART Goals

Question 27

Savings account that with higher interest rates, and higher minimum deposit levels than normal.

Accepted Answer

Money Market

Question 28

The remaining amount in an account that represents the amount the customer is able to withdraw.

Accepted Answer

Balance

AOF POF Lesson 5 and 6 Vocabulary

Questions 28

AOF POF Lesson 5 and 6 Vocabulary

Questions 28