FA-Unit 2: Checking & Linear Equations

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What is a checking account?

Back

A checking account is a type of bank account that allows for deposits and withdrawals. It is used for everyday transactions and typically offers easy access to funds.

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What is an ATM?

Back

An Automated Teller Machine (ATM) is a machine that allows bank customers to perform financial transactions, such as withdrawing cash, without the need for a bank teller.

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What is a low balance alert?

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A low balance alert is a notification sent by a bank to inform account holders that their account balance has fallen below a certain threshold.

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What are person-to-person payments?

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Person-to-person payments are transactions where money is transferred directly from one person to another, often using a mobile app.

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What is a scatterplot?

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A scatterplot is a type of graph that displays values for typically two variables for a set of data, showing the relationship between them.

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What is the purpose of a debit card?

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A debit card allows users to access funds in their checking account to make purchases or withdraw cash.

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

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A credit card allows users to borrow money up to a certain limit to make purchases, while a debit card withdraws money directly from the user's bank account.

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What is a bank alert?

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A bank alert is a notification sent by a bank to inform customers about important account activities, such as transactions or changes in account status.

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What is the minimum opening amount for a checking account?

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The minimum opening amount is the least amount of money required to open a checking account, which can vary by bank.

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What are the fees associated with checking accounts?

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Fees can include monthly maintenance fees, overdraft fees, and ATM fees, which can reduce the overall balance in the account.