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Banking 101 Flashcards | StudBud
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Banking 101
What is a mortgage?
What is a budget?
Banking 101
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1
What is a budget?
A way to make unlimited purchases
A plan for how to spend and save money
A type of credit score
A loan from the bank
2
What is a mortgage?
A type of loan used to buy a house
A fee for using a bank’s services
A type of credit card
A savings account for homeowners
3
What is a credit card?
A card that lets you borrow money from the bank
A card linked directly to your checking account
A card that can only be used at one store
A card that only works in ATMs
4
What is a checking account?
A long-term savings plan
A type of loan
A place where you store checks
A bank account used for everyday transactions
5
What is a credit score?
A score given for using a debit card
The amount of money in your checking account
A number that shows how good you are at paying back borrowed money
A test you take at the bank
6
What is interest?
A fee for using a debit card
Money given to you for free
A penalty for not saving money
Extra money the bank pays you or charges you on a loan
7
What is a check?
A type of credit card
A way to deposit money into an ATM
A written order telling the bank to pay money from your account to someone
A fee the bank charges
8
What is a bank?
A type of store that sells goods
A place where people play games
A company that only gives out loans
A place where people keep their money safe and borrow money
9
What is a loan?
Money borrowed from a bank that must be paid back with interest
A fee banks charge for using credit cards
A type of savings account
A free amount of money given by banks
10
What is a savings account?
A bank account used for daily spending
A place where you can borrow money
A card used to make purchases
A type of bank account where you earn interest on your money
11
What is an ATM?
A bank employee who helps with accounts
A type of credit card
A machine that gives out loans
A machine that lets you withdraw or deposit money without going in the bank
12
What is a debit card?
A prepaid card with a fixed amount of money
A card used only for online purchases
A card that allows you to spend money directly from your bank account
A card that lets you borrow money from the bank
13
What is online banking?
A bank that only exists online
A way to manage your bank account using the internet
A type of bank account
A credit card payment system
14
What is financial literacy?
A type of credit card reward
Reading books about banks
A type of bank account
Understanding money, banking, and how to make smart financial decisions
15
Why is saving money important?
It increases your credit score
It is required by law
It helps you prepare for emergencies and the future
It allows you to spend more money
