unit i: explore

Unit I: Explore

Review Day

ATM• Machine used to withdraw cash or

make deposits

PIN• Debit cards require using this to

access the account to perform transactions

Checking• Type of bank account offers the most

flexible access to your money with the fewest restrictions

Fee• The penalty for using the ATM of a

bank that is not your bank

Deposit Slip• Used to add funds to a bank account

Board of Governors• Federal Reserve is made up of

Reserve Banks, Federal Open Market Committee and this group?

Online bill pay• The use of the internet to pay bills

Checking Account• Financial service used to help

manage money and make paying for things more convenient

Opportunity Cost• The cost of making one choice over

another

Overdraft Charge• Fees charged when a check is written

with insufficient funds.

Debit card• Card used to make cashless

purchases. This card must be signed.

Routing Number• Numbers listed at the bottom of the

check indicates which Federal Reserve route the check will take

Account Number• The number at the bottom of the

check indicating what account will be affected by your transaction.

Reconciling• The process of comparing the bank

balance to the checkbook balance

Credit Union• The type of bank run by its members

and offering low rates of interest.

Direct Deposit• When your paycheck goes into your

account and does not require an endorsement from you.

Check Register• A record keeping device to record

checks, deposits and service charges.

Blank Endorsement• Endorsing (signing) the back of a

check

Check• A legal document that functions like

cash.

Unearned Income• Money given to you but not requiring

work i.e. food stamps, pensions, unemployment

Restrictive Endorsement• Signing your name on the back of a

check specifying what account the check is deposited in.

Earned Income• Money that is earned by you i.e.

wages, salary, commission

Special Endorsement• Endorsing a check and assigning it to

another person

Saving Account• An account used to earn interest with

more restrictions to access

Commercial Bank• Type of bank used by consumers and

business to perform daily transactions