Banking
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1. 50-20-30 Rule A popular savings rule of thumb in which 50% of your
income goes towards necessities, 20% goes towards
saving and debt repayment, and 30% goes towards
flexible spending
2. ATM Automatic Teller Machine. Allows a person to manage
a bank account holder's funds through actions such
as withdrawing or depositing money, viewing account
balances, etc.
3. Balance The amount of money you have in your bank account
4. Bank Statement A monthly document prepared by your financial insti-
tution which shows all of the transactions related to
your account
5. Canceled Check A check that has been paid or cleared by the bank.
It will appear on your bank statement.
6. Certificate Of De- A bank product that earns interest on a lump-sum
posit (CD) deposit that's untouched for a predetermined period
of time
7. Check A written, dated, and signed order to the bank that tells
it to pay a definite sum of money to a payee
8. Checkbook A handy portfolio that holds your check register,
checks, deposit slips, receipts, and other records of
ATM/debit card transactions
9. Check Cashing Store A business that cashes checks and gives the customer
cash in exchange for a fee for the service
10. Check Register A record that allows you to keep track of checks you
have written, ATM/debit card transactions, as well as
deposits and withdrawals
11. Compound Interest Reinvesting earned interest back into the principal to
allow money to grow exponentially over time
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, Banking
Study online at https://quizlet.com/_dij1ly
12. Cost-Push Inflation Inflation caused by an increase in production costs,
but demand is the same
13. Credit A sum of money deposited INTO an account
14. Credit Card A card that allows the holder to make purchases with-
out cash by borrowing money
15. Debit A sum of money deducted from your account
16. Debit Card A card that is directly connected to your checking ac-
count; it enables you to conduct ATM transactions and
to make purchases instead of using cash or writing a
check
17. Demand-Pull Infla- Inflation caused by an increase in demand, but supply
tion is the same
18. Deposit Money you put into your account
19. Deposit Slip A form you fill out to credit money to your account
when you make a deposit
20. Digital Wallet An application that runs on mobile devices. It securely
stores your payment information and passwords and
allows you to pay for items without needing your phys-
ical cards.
21. Direct Deposit An automatic electronic deposit of net pay to an em-
ployee's designated bank account
22. Emergency Fund Money set aside for unanticipated expenses or loss of
income
23. Endorse To sign the back of a check made out to you so it can
be cashed or deposited
24. FDIC Insurance Protection provided by the Federal Deposit Insur-
ance Corporation; protects the deposits of customers
against loss up to $250,000 per account
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