Unit 10 Vocab Quiz (Mar)

A written document telling the financial institution to pay a specific amount of money from your account to a specific person or organization.

• Deposit slip

• Draft

• Money order

• Check

The original amount invested or borrowed in a loan.

• Principal
• Rate
• Interest
• Balance

A payment using security features on the internet.

• electronic payment

• traditional savings account

• collateral

• check

Something which is pledged to secure repayment of a loan.

• collateral
• interest
• mortgage
• guarantee

The annual percentage rate applied to the balance on a loan compounded monthly.

• traditional savings account

• principal

• credit

• annual percentage rate

Buying or obtaining goods or services now with an agreement to pay in the future.

• loan
• debit
• cash
• credit

A savings account where money is put into it each month much like paying monthly expenses such as a light bill or phone bill.

• annual percentage rate

• collateral

• traditional savings account

• electronic payment

Interest paid on the original principal in an account, disregarding any previously earned interest.

• Interest Rate
• Accrued Interest
• Simple Interest
• Compound Interest

Money that is awarded to a student, usually based on need, with no obligation to repay the money.

• Scholarship

• Grant

• Loan

• Tuition

A card that is linked to your checking account so that a person can withdraw money, make deposits, or make purchases at a store.

• Debit card
• Credit card
• Gift card
• Membership card