Retake MP2 Flashcard 2 Checking account

Front

What is a checking account?

Back

A checking account is a type of bank account that allows you to deposit money, withdraw funds, and write checks.

Front

What does it mean to make a deposit?

Back

A deposit is the act of adding money to a bank account.

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

What is a withdrawal?

Back

A withdrawal is the act of taking money out of a bank account.

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Front

What is an ATM?

Back

An ATM (Automated Teller Machine) is a machine that allows you to perform banking transactions, such as withdrawing cash or checking your balance.

Front

What is an annual fee in a checking account?

Back

An annual fee is a charge that a bank may impose each year for maintaining a checking account.

Front

How do you calculate the balance after a transaction?

Back

To calculate the balance, add deposits and subtract withdrawals from the previous balance.

Tags

CCSS.6.NS.B.3

Front

What is a check register?

Back

A check register is a record of all transactions made in a checking account, including deposits, withdrawals, and checks written.

Front

What does it mean for a check to clear?

Back

When a check clears, it means the funds have been transferred from the payer's account to the payee's account.

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Front

What is an ATM fee?

Back

An ATM fee is a charge that may be applied for using an ATM, especially if it is not owned by your bank.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your checking account, while a credit card allows you to borrow money up to a certain limit.