Earning Money

Front

What is a debit in a bank statement?

Back

A debit is a transaction that decreases the balance of a bank account, such as an online bill payment.

Front

What does it mean to use a credit card?

Back

Using a credit card means borrowing money from the bank to make purchases, which must be paid back over time.

Front

What is a checking account?

Back

A checking account is a bank account that allows you to deposit and withdraw money, and use checks or a debit card for transactions.

Front

How do you calculate interest earned on a savings account?

Back

Interest earned = Principal amount x Interest rate.

Front

What is a deposit?

Back

A deposit is the act of putting money into a bank account.

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 from the bank.

Front

What is an online bill payment?

Back

An online bill payment is a method of paying bills electronically through your bank's website or app.

Front

What is the purpose of a bank statement?

Back

A bank statement summarizes all transactions in a bank account over a specific period, showing deposits, withdrawals, and the ending balance.

Front

What does it mean to overdraw an account?

Back

To overdraw an account means to withdraw more money than is available in the account, resulting in a negative balance.

Front

What is interest?

Back

Interest is the cost of borrowing money or the earnings from saving money, usually expressed as a percentage.