Part 1 Final Exam Review FACS first semester

A type of account that offers a safe place to store your money with easy access and allows you to make withdrawals using a debit card; usually does not earn you interest

• Money account

• Market account

• Checking account

• Savings account

• Mutual fund

A type of account used to store up money and earn interest on the principal; usually earns you minimal interest, but does not have minimum balance requirements

• Money account

• Market account

• Checking account

• Savings account

• Mutual fund

The second range of numbers in the series of numbers at the bottom of your check

• Account Number

• Routing Number

• Check Number

• Social Security Number

• Wire Transfer Number

The amount of money you have in your bank account at a given time

• Minimum balance

• interest

• collateral

• account balance

• principal

A sum of money deducted from your account.

• Minimum balance

• interest

• debit

• account balance

• credit

A sum of money deposited INTO an account.

• Minimum balance

• interest

• debit

• account balance

• credit

A sum paid or charged for the use of money or for borrowing money

• Minimum balance

• interest

• collateral

• account balance

• principal

When you withdraw more money than you have in your account and your available balance goes below zero

• interest

• endorse

• overdraft

• debit

• debit card

A fee charged to you by the bank when you spend more money than you have in your account

• overdraft fee

• Service fee

• Out of Network ATM Fees

• Returned check fee

• Minimum balance

o sign the back of a check that has been made out to you so it can be cashed or deposited.

• interest

• overdraft

• debit

• void

• endorse