Unit 3 Summary - Financial Algebra

Front

What is an overdraft fee?

Back

A fee charged for using more money than is available in a checking account.

Front

What is a cashless society?

Back

A society where all transactions are electronic.

Front

What was the first balloon to fly at the Macy's Thanksgiving Day Parade?

Back

Felix the Cat.

Front

What is the purpose of a checking account?

Back

To manage daily transactions and provide easy access to funds.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

What is interest?

Back

The cost of borrowing money, usually expressed as a percentage of the amount borrowed.

Front

What is a savings account?

Back

A bank account that earns interest on the money deposited.

Front

What is a financial statement?

Back

A formal record of the financial activities and position of a business, person, or entity.

Front

What is the purpose of an ATM?

Back

To allow customers to perform banking transactions without the need for a bank teller.