Checking and savings accounts

Front

What is an account balance?

Back

The amount of money you have in an account.

Front

Wes wants to accumulate enough money to buy himself a new car. He should probably open a: checking account, savings account

Back

savings account

Front

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

Back

A debit card takes money directly from your banking account; while using a credit card is a form of borrowing.

Front

All transactions should be recorded in your bank register. True or False

Back

True

Front

When you make a deposit into your account you . . . .

Back

add the amount of the deposit to your account balance.

Front

When you make a withdrawal (or write a check) from your account you . . . .

Back

subtract the amount of the withdrawal from your account balance.

Front

A check is a form of . . . . .

Back

withdrawal from a checking account.

Front

When Mary goes to the grocery store to do her shopping for the week she will use money that is in her ____ to make her purchase.

Back

checking account

Front

Money that you earn or are given is called your . . . . .

Back

income

Front

Money that you use to make purchases or pay bills is called your . . . . .

Back

expenses