W!SE Terms

Minimum balance required

• The highest amount of money that can be withdrawn from an account.

• The lowest amount of money that must be maintained in an account to avoid fees.

• The average amount of money that should be deposited monthly.

• The total amount of money that can be held in a savings account.

Check fraud

• The act of using a check to commit fraud, such as writing a check on a closed account.

• A legitimate transaction involving a check.

• The process of verifying the authenticity of a check.

• A method of transferring funds electronically.

Cashless society

• An economic state where financial transactions are conducted through digital means rather than physical cash.

• A society where cash is the only accepted form of payment.

• A system where all transactions are monitored by the government.

• A community that exclusively uses cryptocurrency for all transactions.

Garnishment

• A legal process through which a portion of a person's earnings is withheld for the payment of a debt.

• A method of collecting taxes from individuals.

• A type of loan that requires collateral.

• A legal term for bankruptcy proceedings.

Long-term goal

• A financial objective that is set to be achieved over a longer period, typically several years.

• A short-term financial target that can be achieved within a few months.

• An immediate financial need that requires urgent attention.

• A financial plan that is revised annually.

Commercial bank

• A financial institution that offers services to the general public and businesses.

• A type of bank that only serves government entities.

• A bank that specializes in investment services for high-net-worth individuals.

• A financial institution that only provides loans to small businesses.

United States Treasury Dept.

• The government department responsible for managing federal finances, collecting taxes, and producing currency.

• A federal agency that oversees national parks and wildlife.

• The department in charge of foreign affairs and diplomacy.

• An organization that regulates interstate commerce and trade.

Opportunity costs

• The potential benefits lost when one alternative is chosen over another.

• The total cost of all alternatives available.

• The benefits gained from choosing the most expensive option.

• The costs associated with making a decision in the market.

Banking

• The process of saving money in a bank account.

• The business conducted or services offered by a bank.

• The act of borrowing money from a financial institution.

• The study of financial markets and investments.

Fringe benefits

• Additional benefits offered to employees, such as health insurance, retirement plans, and paid time off.

• A type of salary increase based on performance.

• Mandatory benefits required by law for all employees.

• A bonus given to employees for exceptional work.