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REMOTE LEARNING -- BANKING
Terms in this set (32)
having a predictable financial situation in which you can assess your ability to deal with a financial emergency
acquiring and keeping money
using money to buy things
future time preference
when making choices about money, savers think not just of their needs in the present, but of their potential needs in the future; consider if they would get more enjoyment, gratification, or benefit from having money in the future rather than today
type of financial institution that is considered traditional because it offers accounts in which customers can store and save their money; anyone can be a customer
type of financial institution that is considered traditional because it offers accounts in which customers can store and save their money; membership is limited to certain individuals who have a common bond; usually employment
businesses that provide services for customers to store, save, and/or access their money
a service generally for people in areas with limited number of banks or credit unions where people are charged a fee for cashing a check--typically a percentage of the amount of the check being cashed
another term for a "check casher" and is a business that offers other financial services for fees, but do not offer any savings options
loan money to customers,often at a very high interest rate; many customers use payday lenders if they need money to tide them over between paychecks; loans the customer cash, with the agreement that when the customer receives his or her paycheck, the customer will repay the loan with interest.
mobile wallet service
mobile phone applications or apps that allow you to transfer money to another person or business with your phone
An account at a depository institution that is designed to hold money not spent on current consumption that you earn a small amount of interest.
money market account
a savings account that requires a minimum balance and earns interest that varies from month to month; interest generally higher than a savings account
Certificate of Deposit (CD)
A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return; generally higher than other savings tools and you will incur a penalty if you withdraw the money early.
an account at a bank against which checks or other types of transactions can be drawn by the account depositor. Generally the account people use to pay day-to-day expenses.
paycheck to paycheck
Being unable to meet financial obligations due to income being primarily
devoted to expenses; unable to save money for the future and/or emergencies
Rule of 72
a technique for estimating the number of years required to double your money at a given rate of return
Federal Deposit Insurance Corporation: A federal guarantee of savings bank deposits initially of up to $2500, raised to $5000 in 1934, and frequently thereafter; continues today with a limit of $250,000
an electronic communication that moves funds from an account in one bank to an account in a different bank instantly
A check bought from a bank with payment guaranteed by the bank
safe deposit box
a small, secure storage compartment that you can rent in a bank, usually for $100 a year or less
Cash set aside to cover the cost of unexpected events
is used for specific spending goals that are unattainable unless money is saved
Money you put away for major expenses in the future/general long-term financial security
A bank card that automatically deducts the amount of a purchase from the bank account (usually checking account) of the cardholder
a tool used to track checking account transactions; usually a book or online app
When the payee signs their name on the back of a check to cash or deposit the check
an automatic deposit of net pay to an employee's designated bank account
Payments that are made by transferring money electronically from a checking account to another account every billing period
A consumer banking technology that allows you to pay bills with your mobile device using Apple Pay, Softcard, GoogleWallet, etc.
interest earned on both the principal amount and any interest already earned
pay yourself first
Saving for the future by putting money aside before paying regular monthly bills or using income for discretionary purchases
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