Unit 3 and 4 Vocabulary

Front

What is a good habit to start saving money?

Back

Putting a little money aside regularly.

Front

What is a 'Bank Statement'?

Back

A set of papers that you receive from the bank each month where all your bank transactions for your checking account that have cleared are listed.

Front

What is an 'Automatic Teller Machine (ATM)'?

Back

A machine that you can use to complete bank transactions like deposits and withdrawals using the card that corresponds to the account.

Front

What are 'Annual Expenses'?

Back

Expenses that get paid only once in a year.

Front

What is a 'Check Register'?

Back

A place to keep a record of all the deposits and payments made from your checking account.

Front

What is the purpose of budgeting?

Back

To plan and control your finances by tracking income and expenses.

Front

What is a 'Savings Account'?

Back

A bank account that earns interest on the money deposited.

Front

What is 'Compound Interest'?

Back

Interest calculated on the initial principal and also on the accumulated interest from previous periods.

Front

What is a 'Credit Score'?

Back

A numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of that person.

Front

What is 'Overdraft'?

Back

A deficit in a bank account caused by drawing more money than the account holds.