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Banzai Financial Literacy Flashcards | StudBud
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Banzai Financial Literacy
what is an ATM (Automated Teller Machine)?
What is Direct Deposit?
Banzai Financial Literacy
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financial literacy
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Answers
1
What is Direct Deposit?
Insurance that covers medical illness or injury.
Check written for more money than is available
The total amount of a paycheck before taxes.
Paycheck electronically transferred into your account.
2
what is an ATM (Automated Teller Machine)?
When money is moved from one account to another.
Money placed into an account.
Check written for more money than available in your account
Used to withdraw cash from a checking account.
3
What is Net Pay?
When money is moved from one account to another.
Money lent to someone else in exchange for future payment.
Allows you to make purchases and pay for them later
Amount of paycheck after taxes are subtracted from Gross Pay
4
What is a convenience fee?
Charged when using an ATM not owned by your bank
Money placed into an account.
Check written for more money than is available
A way to balance your account records w/ your bank or cu
5
What is a deposit?
Money placed into an account.
Money set aside for a specific purpose (like a budget item).
When money is moved from one account to another.
The total amount of a paycheck before taxes.
6
What is a budget?
When money is moved from one account to another.
Make purchases and pay for them at a later date
Covers your personal property in a rented apartment or home.
Plan to decide the amount and how money will be spent
7
What is a Debit Card?
Allows you to make purchases and pay for them later
Money placed into an account.
Check written for more money than is available
Make purchases with funds directly from a checking account.
8
What is an account?
List of financial transactions you made over a given period
Money set aside for a specific purpose (like a budget item)
Bank or credit union allowing you deposit & withdraw money
Money lent to someone else in exchange for future payment
9
What is an Account Statement?
List of financial transactions you made over a given period.
Make purchases and pay for them at a later date.
Amount of a paycheck after taxes are subtracted - Gross Pay
Money placed into an account.
10
What is a checking account?
Account where money can be withdrawn
Allows you to make purchases and pay for later
Money placed into an account.
When money is moved from one account to another.
11
What is a Savings Account?
Money placed into an account.
Money lent to someone else in exchange for future payment.
The total amount of a paycheck before taxes.
Account for storing or saving money with limited withdrawals
12
What is Gross Pay?
When money is moved from one account to another.
List of financial transactions you made over a given period.
amount of a paycheck after taxes are subtracted
The total amount of a paycheck before taxes.
13
What is Overdraft?
When money is moved from one account to another.
Used to withdraw cash from a checking account.
Credit extended when an account has insufficient funds
List of financial transactions you made over a given period.
14
What is a Credit Card?
Covers your personal property in a rented apartment or home.
Make purchases with funds directly from a checking account.
Money lent to someone else in exchange for future payment.
Allows you to make purchases and pay for them a later date
