bouncing a check means...

not enough money and you wrote a check and bank returns it

Overdraft Protection is...

when the bank will honor your check if you don't have the $

When talking about banking, "Balance" means

the amount of money in your bank account that's available

A "withdrawl" at the bank means...

taking money out of your account

A plan for spending and saving your money

what is a variable expense?

A cost that occurs regularly but may vary in amount

what is a fixed expense

A cost that occurs regularly and doesn’t vary in amount

what are discretionary expenses?

A cost determined by personal wants that may be controlled

the money you earn before taxes are taken out

The routing number on a personal check is

the banks identification number

a place to track your checking/savings account

Endorse a check means...

sign your name on the back of the check

Money taken out of your income for taxes

is sold at a discount and then increase in value

A Certificate of Deposit(CD) is

earns a higher interest rate than a traditional savings

why would you write "for deposit only" on the back of your check?

So no one can cash it and get money

A benefit of a savings account is...

Earning a small amt of interest on money you are not using

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Banking * Savings * Budgeting

24 termsStudBud Administration14,272 plays

Banking savings and budgeting

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Questions 24

Answers

1
what is net income
the money you earn after taxes are taken out
the money in my savings account
the money you earn before taxes
the interest you earn
2
Simple Interest is
The amount of money I put in to my account
The money that I earn on the money I put in to my account
3
bouncing a check means...
you do not have the funds in your account- nothing happens
signing your name on the back of a check
not enough money and you wrote a check and bank returns it
you have the funds available in your account
4
With compound interest you earn interest on your initial deposit plus on interest you earn
true
false
5
Overdraft Protection is...
when the bank will honor your check if you don't have the $
to sign the back of the check
A for profit organization
if you don't have the $ and the bank sends your check back
6
Banks are not for Profit and Credit Unions are for profit
False
True
7
When talking about banking, "Balance" means
money in your bank account that's not available
Taking money out of your account
putting money into the bank
the amount of money in your bank account that's available
8
A "withdrawl" at the bank means...
to spend more
to spend less
taking money out of your account
putting money in the bank
9
What is a budget?
A plan for spending and saving your money
The money you earn before taxes are taken out
Your take home pay
Moneytaken out of your income for taxes
10
what is a variable expense?
a cost determined by wants
a cost you did not plan for
A cost that occurs regularly but may vary in amount
a cost that occurs regularly and is always the same
11
Checks can be cashed by anyone once they are endorsed
true
false
12
what is a fixed expense
A cost that you did not plan for
A cost determined by personal wants that may be controlled
A cost that occurs regularly but may vary in amount
A cost that occurs regularly and doesn’t vary in amount
13
what are discretionary expenses?
A cost that occurs regularly but may vary in amount
A cost that you did not plan for
A cost determined by personal wants that may be controlled
A cost that occurs regularly and doesn’t vary in amount
14
What is gross income
a plan for spending and saving your money
the taxes they take out
the money you earn after taxes are taken out
the money you earn before taxes are taken out
15
The routing number on a personal check is
where you endorse the check
your account number
the banks identification number
where you write what the check was for
16
A check register is
to check your balance
a place to track your checking/savings account
A checkbook cover
same as an ATM
17
Endorse a check means...
the routing number
the bank will cover you if you don't have the funds
you vote for that check
sign your name on the back of the check
18
What are deductions?
Money taken out of your income for taxes
your take home pay, after taxes are taken out
The money you earn before taxes are taken out
A plan for spending and saving your money
19
A savings bond...
is sold and then decrease in value
is sold at a discount and then increase in value
is a savings account
Does not increase in value at all
20
A Certificate of Deposit(CD) is
earns a lower interest rate than a traditional savings
earns a higher interest rate than a traditional savings
21
why would you write "for deposit only" on the back of your check?
So it goes into whoever's account you want to
So anyone can cash it and get money
So the bank knows it's you who's depositing it
So no one can cash it and get money
22
Deposit means,
the amount of money you have in your account
keeping track of your money
Putting money in the bank
taking money out of the bank
23
A benefit of a savings account is...
Short term money management
Paying for regular expenses
Earning a high interest rate
Earning a small amt of interest on money you are not using
24
Can you get in trouble for writing checks when you don't have the money?
yes
no

Banking * Savings * Budgeting Flashcards | StudBud