Lesson 10

Match the following

• Overdraft Fee

• An account at a bank that allows you to easily deposit and withdraw money for daily transactions.

• Checking Account

• A record of money that has moved in and out of your bank account.

• Deposit

• A sum of money placed or kept in a bank account

• Transaction

• A bank fee you incur when you spend more money than you have available in your checking account.

Match the following

• Financial Literacy

• An organized association of workers, formed to protect and further their rights and interests.

• Labor Union

• The act of taking money out of an account.

  
  

• Withdrawal

• The ability to manage your money through informed and intelligent spending and saving practices

• Savings Account

• A bank account used to save money that earns interest

Which items do you NOT need to open a checking or savings account?

• A copy of your driver’s license, state identification, or social security card.

• Proof that you attend a school in the same community as the bank

• The amount of money the bank requires you to put into your account upon opening a new account ($0-$100).

True or False.  If you have $100 in your checking account and spend $150 on an item, you will likely have an overdraft fee to pay on top of the $50 you spent over your balance.

• True

• False

What is one benefit of having a savings account?

• 1. You can quickly deposit and withdraw money using a debit card.

• You can earn 0.06% or more on interest, meaning you earn money just to keep your money in the bank.

• You can always have a parent connected to your account, so they can help you manage your money and keep you from taking money out of your savings.

Which of the following is a benefit of working somewhere that is represented by a labor union?

• Labor unions can help ensure you never have to work 40 hours a week, no matter your career type

• Labor unions can help represent you if you work in unsafe or unhealthy conditions.

• Labor unions will pay you to receive the benefits of being part of the union.