Review: Checking Accounts (Lil Brussel)

Front

What does 'pay yourself first' mean?

Back

It means to set aside a portion of your income for savings before spending on other expenses.

Tags

CCSS.RI.7.5

CCSS.RI.8.3

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What are peer to peer payment systems?

Back

These are digital payment platforms that allow individuals to send money directly to each other without going through a traditional bank.

Front

What is an overdraft fee?

Back

A charge incurred when a bank allows a withdrawal that exceeds the available balance in an account.

Front

What is the average cost of an overdraft fee?

Back

$35.00

Tags

CCSS.6.NS.B.3

Front

What is direct deposit?

Back

A method of payment where an employer deposits an employee's paycheck directly into their bank account.

Front

What is a checking account?

Back

A bank account that allows for deposits and withdrawals, typically used for everyday transactions.

Front

What is the purpose of a checking account?

Back

To manage daily finances, allowing for easy access to funds for spending and bill payments.

Front

What is a service fee in banking?

Back

A charge by a bank for maintaining an account or providing certain services.

Front

What is an ATM fee?

Back

A charge incurred when using an Automated Teller Machine, especially if it's not affiliated with your bank.

Front

What happens if you write a check for more than your account balance?

Back

You may incur an overdraft fee unless you have overdraft protection.

Tags

CCSS.6.NS.C.7C