FACS Finance Test

You use Savings Accounts by:

• withdrawing money by writing a check or using a debit card

• giving your bank your money. They may pay various amounts of interest and some accounts have restrictions on the length of time money must stay on deposit.

You use Checkings Accounts by:

• withdrawing money by writing a check or using a debit card

• giving your bank your money. They may pay various amounts of interest and some accounts have restrictions on the length of time money must stay on deposit.

Debit cards:

• mean people borrow money to pay existing bills or make purchases. Can be short term or long term. (Homes, cars, appliances)

• Have to do with borrowing credit.

• mean you have a checking account. Immediately transfer payment from your checking account. They are protected by a PIN.

Loans:

• mean people borrow money to pay existing bills or make purchases. Can be short term or long term. (Homes, cars, appliances)

• Have to do with borrowing credit.

• mean you have a checking account. Immediately transfer payment from your checking account. They are protected by a PIN.

Direct Deposit:

• means money is transferred into an account through electronic means.

• means someone is handed a paper check.

• means you sign your name on a check and the signature must match the name on the face of the check.

Endorsing:

• Means money is transferred into an account through electronic means

• Means someone is handed a paper check

• Means you sign your name on a check and the signature must match the name on the check.

An account statement:

• IS a picture of your bank

• is a monthly, bimonthly, or quarterly summary of your checking account.

• is a written description of what your bank looks like.

Overdrafts are:

• checks you have written that have been cashed.

• checks you have written that have not yet been cashed.

• withdrawals made when there are insufficient funds in the account.

An hourly wage is a set amount of money paid for a certain period of time.

• True

• False

A salary is:

• a set amount of money paid for each hour of work.

• a set amount of money paid for a certain period of time.