Unit 3 Banking Vocabulary

Front

50-20-30 Rule

Back

A savings rule of thumb where 50% of your income goes towards necessities, 20% towards saving and debt repayment, 30% towards flexible spending.

Front

A machine that allows a person to manage a bank account funds through withdrawing or depositing money, viewing account balances, etc.

Back

Automatic Teller Machine (ATM)

Front

A monthly document prepared by your financial institution showing all transactions related to your account

Back

Bank Statement

Front

A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time

Back

Certificate of Deposit (CD)

Front

A check that has been paid or cleared by the bank

Back

Canceled Check

Front

A written, dated, and signed order to the bank to pay a definite sum of money to a payee

Back

a check

Front

A handy portfolio that holds your check register, checks, deposit slips, receipts, and other records of ATM/debit card transactions

Back

a checkbook

Front

A business that cashes checks and gives the customer cash in exchange for a fee for the service

Back

Check Cashing Store

Front

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

Back

check register

Front

Reinvesting earned interest back into the principal to allow money to grow exponentially over time

Back

compound interest