Banking and Finance Basics

Budget

• A plan for how much you want to spend in different areas based on how much money you make.

• A detailed report of past expenses and income.

• A method to save money for future investments.

• A strategy to increase your income without spending.

Check

• A type of bank account

• A signed document that tells a bank or credit union to give someone a specific amount of money from an account.

• A form of digital currency

• A method of transferring stocks

Bills

• Money that you owe for things like utilities (water, heat, electricity, etc.) and debt.

• A type of currency used for transactions.

• A document that outlines a financial transaction.

• A form of government tax.

Account

• A place for you to keep money at a bank or credit union.

• A type of loan provided by banks.

• A method of transferring money internationally.

• A financial statement showing income and expenses.

Teller

• A person who manages investments for clients.

• The person who works at a bank or credit union and helps customers with their accounts.

• A financial analyst who evaluates financial data.

• A loan officer who approves or denies loan applications.

Credit Card

• A card used to make purchases without borrowing money.

• A card that allows you to borrow money and make purchases up to a certain limit, which must be paid back later with interest.

• A card that provides cash rewards for every purchase made.

• A card that can only be used for online shopping.

Debit Card

• A card that takes money from your checking account at a bank or credit union to pay for something.

• A card that allows you to borrow money up to a certain limit.

• A card used to earn rewards on purchases made with it.

• A card that can only be used for online transactions.

Deposit

• When you withdraw money from an account at a bank or credit union.

• When you put money into an account at a bank or credit union.

• When you transfer money between accounts.

• When you close an account at a bank or credit union.