Consumer Skills Vocab

Relating to money or currency

• Needs

• Monetary

• Deposit

These are things that you do not have to have to survive but you would like to have.

• Wants

• Needs

• Monetary

These are things that are required for you to survive

• Bank

• Needs

• Wants

Responsible for conducting monetary policy and supervision and regulation of financial institutions.

• Federal Reserve Bank

• Financial Institution

• Bank Reconciliation Statement

A financial institution that receives deposits, makes loans, invests in securities, honors checks drawn on those deposits, and pays interest.

• Bank

• Federal Reserve Bank

• Bank Reconciliation Statement

An account at a financial institution that allows for withdrawals and deposits.

• Debit Cards

• Checking Account

• Credit Cards

Compare prices, features, benefits, risks, and other characteristics similar to products and services.

• Comparison Shopping

• Credit

• Financial Institution

Are credit that comes with a card you can borrow on an ongoing basis; it has interest rates, a spending limit, and monthly payments.

• Debit Cards

• Credit Cards

• Check

Are written orders telling your bank to pay money to an individual or business.

• Debit Cards

• Credit Cards

• Checks

Cards issued in association with checking or savings accounts that allow point-of-sale purchases that are then deducted from bank balances and ATM withdrawals.

• Debit Cards

• Credit Cards

• Checks