Banking Terms 1

What is a checking account?

• when a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or good​

• where all the debits and credits in your account are recorded. ​

• An account at a bank/or credit union (sometimes called a share draft account at a credit union) that allows you to make deposits, pay bills, and make withdrawals.

• An account (sometimes called a share savings account) used to set aside money and that pays you interest.

What is a Bill Payment Service?

• an estimate of income and expenditure for a set period of time.​

• It allows a business to use your cash, your bank account to pay your bills. Typically, through a website or mobile banking application. ​

• a machine that lets bank customers perform basic transactions, such as deposits and withdrawals. ​

• where all the debits and credits in your account are recorded. ​

What is an ATM?

• A service in which you allow a business to use your cash, your bank account to pay your bills. Typically, through a website or mobile banking application. ​

• when (a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or good

• interest is calculated on both the principal and the previously earned interest. ​

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• a machine that lets bank customers perform basic transactions, such as deposits and withdrawals. ​

What are fixed expenses?

• Expenses that do not change from month to month

• Expenses that change each month

• when (a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or good​

• the amount of money remaining in a bank account

What is credit?

• the amount of money remaining in a bank account

• A service in which you allow a business to use your cash, your bank account to pay your bills.

• where all the debits and credits in your account are recorded. ​

• a loan given for business requirements or personal needs to its customers, ​

What is a Savings account?

• An account at a bank/or credit union (sometimes called a share draft account at a credit union) that allows you to make deposits, pay bills, and make withdrawals.

• sum of money lent or invested, on which interest is paid

• An account (sometimes called a share savings account) used to set aside money and that pays you interest. ​

• entry recording an amount owed, listed on the left-hand side or column of an account.​

What is a Debit?

• an entry recording an amount owed, listed on the left-hand side or column of an account.​

• when (a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or good​

• Expenses that do not change from month to month

• Expenses that change each month

What are Flexible expenses?

• Expenses that do not change from month to month

• A service in which you allow a business to use your cash, your bank account to pay your bills.

• a machine that lets bank customers perform basic transactions, such as deposits and withdrawals. ​

• Expenses that change each month

What is a budget?

• sum of money lent or invested, on which interest is paid.

• an estimate of income and expenditure for a set period of time.​

• where all the debits and credits in your account are recorded. ​

• Expenses that change each month

What is Compounding interest?

• sum of money lent or invested, on which interest is paid

• the amount of money remaining in a bank account

• interest calculated on the principal portion of a loan or the original contribution to a savings account

• interest is calculated on both the principal and the previously earned interest. ​