Chapter 5 Vocabulary

Check

• a piece of paper that orders a bank to pay money from an account

• the amount of money in a bank account

• examine (something) in order to determine its accuracy, quality, or condition, or to detect the presence of something

Bank

• a machine that lets you access your bank account at any time

• a business that offers financial services

Checking Account

• a bank account used to save money and earn interest

• a bank account against which checks may be written in order to pay expenses

Savings Account

• a bank account used to save money and earn interest

• a bank account against which checks may be written in order to pay expenses

Withdraw

• To multiply or divide something
• To take money out a bank account.

• To increase or expand something

Deposit

• To withdraw money from a bank account
• To hide something in a secret location
• To put money into a bank account.

Debit Card

• a bank card that allows you to use an ATM

• plastic or metal cards used to pay for items or services using credit

automated teller machine (ATM)

• An automated teller machine (ATM) is a physical machine used for printing documents.
• An automated teller machine (ATM) is a machine that lets you access your bank account at anytime.

• An automated teller machine (ATM) is a type of vending machine that dispenses snacks and drinks.

simple interest

• interest on the principal only

• interest on the principal and on the interest already earned

compound interest

• interest on the principal only

• interest on the principal and on the interest already earned