Unit 2

Question 1

Transaction

Answer 1

Deposit or withdrawal from an account

Question 2

Checking account

Answer 2

An account at a bank againast which checks can be drawn by the account depositor

Question 3

Savings account

Answer 3

A bank account that earn interest

Question 4

Balance

Answer 4

Is the amount of money you have available in your checking or savings account

Question 5

Credit card

Answer 5

a small plastic card issued by bank, business, etc allowing the holder to purchase goods on credit

Question 6

debit card

Answer 6

a plastic payment card that can be used instead of cash when making purchases.

Question 7

Direct deposit

Answer 7

is a payment option where your funds are electronically transferred to your checking or savings account.

Question 8

withdrawal

Answer 8

involves removing funds from a bank account, savings plan, pension, or trust.

Question 9

Loan

Answer 9

an amount of money loaned at interest by a bank to a borrower, usually on collateral security, for a certain period of time.

Question 10

Earnings

Answer 10

the amount of profit that a company produces during a specific period, which is usually defined as a quarter

Question 11

Interest

Answer 11

in finance and economics, is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum

Question 12

Fee

Answer 12

refers to any charges imposed by financial institutions on their personal and business customers for account set-up, maintenance, and minor transactional services.

Question 13

Interest theft

Answer 13

The fraudulent acqisition use of a person’s private life identifying information

Question 14

dept

Answer 14

a long-term liability a business takes on by borrowing money from its bank.

Question 15

transfer

Answer 15

when money is sent from one bank account to another.

Question 16

Compound interest

Answer 16

addition of interest to the principal sum of a loan or deposit, or in other words, interest

Question 17

Charge

Answer 17

The term bank charge covers all charges and fees made by a bank to their customers.

Question 18

Personal check

Answer 18

is a paper form of payment that is from your checking account

Question 19

penalty

Answer 19

an additional amount of money that you must pay for a negative transaction

Question 20

Deposit

Answer 20

The amount of money that you add to an account

Question 21

Total

Answer 21

adding or subtracting ALL the amount of money

Question 22

Value

Answer 22

amount of money that something is worth

Question 23

Income

Answer 23

amount of money that you have to earn for service

Question 24

Gross income

Answer 24

The amount of money you earn BEFORE expenses take out before

Question 25

Net income

Answer 25

the amount of money you earn AFTER expenses are taken out

Question 26

Sales tax

Answer 26

a percentage (%) of money you must pay on top of the cost of an item

Question 27

deduction

Answer 27

the action of deducting or subtracting something.

Question 28

Coupon

Answer 28

a discount of specific item(s)

Question 29

Discount

Answer 29

an amount percentage(%) off of a group of items

Question 30

Price

Answer 30

is the amount of money that something costs

Question 31

range

Answer 31

a low and a high price for an item, but also includes any money amount between

Question 32

unit price

Answer 32

how much each an item in the package costs

Question 33

Sales

Answer 33

is a discount taken off of items through out the store or business

Question 34

Credit score

Answer 34

a number assigned to a person that indicates to lenders their capacity to repay a loan.

Question 35

Budget

Answer 35

setting aside a certain amount of money for a certain item or event