Banking Unit VOCAB Flashcards

Front

A popular savings rule where 50% of income goes to necessities, 20% to savings and debt repayment, and 30% to flexible spending.

Back

50-20-30 Rule

Front

Automatic Teller Machine. Allows a person to manage a bank account through actions like withdrawing or depositing money, viewing account balances, etc.

Back

ATM

Front

The amount of money you have in your bank account.

Back

Balance

Front

A monthly document prepared by your financial institution showing all transactions related to your account.

Back

Bank Statement

Front

A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee.

Back

Check

Front

A handy portfolio that holds your check register, checks, deposit slips, receipts, and other records of ATM/debit card transactions.

Back

Checkbook

Front

A business that cashes checks and gives the customer cash in exchange for a fee for the service.

Back

Check Cashing Store

Front

A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.

Back

Check Register

Front

Reinvesting earned interest back into the principal, so that interest is calculated on both the initial amount and the accumulated interest.

Back

Compound Interest

Front

Inflation caused by an increase in production costs, but demand is the same.

Back

Cost-Push Inflation