Financial Terms and Concepts

Check Register

• A tool for tracking stock market investments.

• A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.

• A document used for filing taxes annually.

• A ledger for recording business expenses.

Debit Card

• A card that allows you to borrow money from a bank for purchases.

• A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check.

• A card that rewards you with points for every purchase made.

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

Interest

• A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card.

• A tax imposed on savings accounts.

• A penalty for withdrawing money early from a savings account.

• A reward for maintaining a high balance in your account.

Credit Card

• A card that allows the holder to make purchases without cash by borrowing money.

• A card that provides cash back on all purchases.

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

• A card that requires a high annual fee to maintain.

Bank Statement

• A document that summarizes your account balance at the end of the year.

• A monthly document prepared by your financial institution which shows all of the transactions related to your account.

• A report that details your credit score and history.

• A summary of your investment portfolio performance.

Money Market Savings Account

• A type of savings account that may allow debit card and check writing privileges.

• A checking account with no minimum balance requirements.

• An investment account that offers high returns with high risk.

• A type of savings account that only allows online transactions.

Transaction Fee

• A fee charged for exceeding the federal limit of six free withdrawals and transfers per month.

• A fee for maintaining a minimum balance in your savings account.

• A fee applied to all transactions made with a debit card.

• A fee for closing your savings account before a certain period.

Impulse Buying

• The buying of goods without planning to do so in advance, as a result of a sudden whim or urge.

• A planned purchase made after careful consideration.

• Buying items in bulk to save money.

• Purchasing goods only during sales or discounts.

Minimum Balance

• A certain amount of money that must be kept in an account as required by that particular financial institution.

• The maximum amount of money that can be withdrawn from an account at one time.

• A fee charged by the bank for maintaining an account.

• The interest rate applied to savings accounts.

Digital Wallet

• An application that runs on mobile devices, securely storing your payment information and passwords, allowing you to pay for items without needing your physical cards.

• A physical card that stores your payment information and can be used for online purchases.

• A type of bank account that allows you to transfer money electronically.

• A software that tracks your spending habits and provides budgeting tools.