Financial Literacy Vocabulary Terms How Do I Make

Financial Literacy Vocabulary Terms How Do I Make a Deposit?

Pretest 1. A deposit is how I pay someone. 2. A check can only be used to put something into the bank. 3. A financial institution is a car dealership. 4. Financial institutions are businesses. 5. A net deposit is the amount of money deposited into an account, minus any cash received

Learning Objectives • Explain that financial institutions are business • Name services that financial institutions provide • Name the parts of a checkbook • Complete a deposit ticket and maintain a check register correctly • Define net deposit

Financial Institution • A business that provides moneyrelated services

Interest • A fee received for the use of money

Checking Account • An account that allows the owner to write checks against deposited money

Debit Cards • Allow customers to electronically and immediately withdraw funds from their accounts

Savings Account • An account used to hold money that is not needed right away

Loans • An amount of money borrowed by someone that must be repaid usually with interest

Credit Card • A card that allows the holder to buy goods and services by taking out a bank loan for the purchases

Checks • Written orders to a bank to pay a certain amount of money from a checking account to another person or business

Deposit Tickets • Written records of money put into a checking account

Check Register • A booklet for recording the money that is put into (deposited) or removed (withdrawn) from the checking account

Net Deposits • The amount of money deposited into an account, minus any cash received

Endorse • To write a signature on the back of a check

1. A financial institution… A. Is a business B. Provides money related services C. Accepts deposits and makes loans D. All of the above

2. Checking Accounts… A. Use an ATM B. Can be used to pay bills C. Never put money into your checking account

3. Debit Cards A. Are NOT like virtual checks B. Are savings accounts C. Allows people to withdraw money immediately from their checking accounts D. Does NOT allow people to withdraw money from their checking accounts

4. A loan… A. Is money borrowed, but does not have to be repaid B. Is money borrowed, but has to be repaid without interest C. Is money borrowed but has to be repaid with interest D. Is money

5. Interest A. B. C. D. Interest doesn’t exist Interest is NOT a fee for the use of goods Interest is a fee received for the use of money

True or False 6. Checks are written orders to a bank to pay a certain amount of money from a checking account to another person or business.

True or False 7. Deposit tickets are not written records of money put into a checking account.

True or False 8. A check register is a booklet for recording the money that is put in and taken out from the checking account.

True or False • You never have to endorse a check.

True or False 10. A net deposit is the amount of money deposited into an account after adding.

Exit Ticket 1. What term means the amount of money deposited into an account, minus any cash that is received? A. Check Register B. Net Deposit C. Endorse