Unit 2 Vocab Review

Match the following

• a nine digit number used by financial institutions to identify other financial

  institutions.

• Check

• A written order used to tell a bank to pay money (transfer funds) from an account to the payee

• Bank Fraction Number

• used to determine the original bank that the check is being paid by.

• Outstanding Checks

• Checks that do not appear on the bank statement.

• Ending Balance

• The amount of money in a checking account at the end of a statement period.

• Routing Number

Tags

CCSS.6.NS.B.3

The receiver of the transferred funds or the person to whom the check is

written.

• Payee

• Principal

• Memo

• Check

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

a place on a check where you can include the reason you are writing the

check.

• Payee

• Memo

• Bank Statement

• Deposit Slip

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

A certificate that states there is a specific sum of money on deposit and

guarantees the payment of a fixed interest rate.

• Money Market Acct

• Savings Account

• CD (Certificate of Deposit)

• Check

Tags

CCSS.7.RP.A.3

The interest rate paid per year.

• Interest Rate

• APY

  (Annual Percentage Yield)

• Simple Interest

• Ending Balance

Tags

CCSS.7.RP.A.3

An account that pays a higher interest rate than other types of accounts, but

usually requires a higher initial deposit.

• CD (Certificate of Deposit)

• Savings Account

• Money Market Acct

• Checking Account

The balance, or amount of money, in an account, or amount borrowed.

• Principal

• Ending Balance

• Minimum Balance

• Interest Rate

Tags

CCSS.7.RP.A.3

The percentage rate that is paid by a bank on money that is in some

accounts.

• Simple Interest

• Principal

• APR

  (Annual Percentage Rate)

• Interest Rate

Tags

CCSS.7.RP.A.3

Match the following

• an institution, chartered by the state or federal government that takes

  deposits

• Minimum Balance

• The amount of money in a checking account at the end of a statement period.

• Ending Balance

• Interest that is calculated on the principal in an account, using the formula

  I=Prt

• Simple Interest

• A certain amount of money that must be kept in an account as required by

  that particular bank.

• Bank

• Payroll or other types of checks that are directly and electronically deposited

  into a bank account.

• Direct Deposit

Tags

CCSS.6.NS.C.7C

specified date at which interest is paid on money in an account.

• Maturity

• Ending Balance

• Minimum Balance

• Direct Deposit

Tags

CCSS.7.RP.A.3