Three places to get loans are...

credit unions, micro-creditors, banks

Your credit score shows lenders...

how likely you are to pay back loans

True or false: Your savings account earns you credit fees.

False! Savings accounts earn you interest.

are useful for purchasing stuff but must be paid back

when a customer buys stuff but pays for it later

things people own that they can sell to pay off debts

additional fees lenders charge to lend money to you

Three types of bank accounts that hold your money are ___________________.

checking accounts, savings accounts, money market accounts

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Banking Terms 1

12 termsStudBud Administration201 plays

Basic 5th Grade Banking Terms

Flashcards12 cardsFPractice quizPHost liveL

Questions 12

Answers

1
When someone loans you money, they are taking a _______________.
risk management course
chance you will hide from them
risk of losing their money
gamble that you like them
2
Three places to get loans are...
banks, schools, towns
credit unions, micro-creditors, banks
crowdfunding, kickstarter, and banks
banks, credit unions, crowd funding
3
Your credit score shows lenders...
how much stuff you already own
how likely you are to pay back loans
how much worth is in your house
how much stuff you can buy
4
True or false: Your savings account earns you credit fees.
False! Credit fees only earn you money on credit cards!
False! Savings accounts earn you interest.
True! Credit fees give you extra money!
True! Savings accounts are a type of credit card account!
5
Credit cards....
are useful for purchasing stuff but must be paid back
are not useful because they limit the money you can spend
are not useful because they easily get lost
are useful because they cost you interest
6
When you don't pay back a loan, you are in...
default
discount
discredit
trouble
7
Interest can be __________.
paid, loaned, earned
sold by giving you more money
learned when you are interested in banking
a lot of money for a little fee
8
Credit is
money that you pay for your house
something you do not have to pay back
when a customer buys stuff but pays for it later
the numbers on a plastic card
9
Assets are
risks the bank takes
things people own that they can sell to pay off debts
military maneuvers that cause ownership of countries
part of your house payment
10
Credit fees are ...
fees lenders charge to cover the money they lent you
fees that apply to checking accounts for mailing statements
additional fees lenders charge to lend money to you
fees lenders charge for paperwork and stamps
11
Three types of bank accounts that hold your money are ___________________.
checking accounts, savings accounts, money market accounts
credit card accounts, money market accounts, loan accounts
credit card accounts, checking accounts, savings accounts
charge accounts, checking accounts, savings accounts
12
Debt is
a ceiling that saves your money
money owed to a lender
money you get from a lender
someone who borrows money

Banking Terms 1 Flashcards | StudBud