Financial Algebra Unit 2 - Checking & Linear Equations

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.

Check

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

Correlation

A measure of the relationship between two variables

Credit

A sum of money deposited INTO an account

Debit

A sum of money deducted FROM your account

Debit Card

A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases

Deposit

Money you put into your account

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 physical cards.

Direct Deposit

An automatic electronic deposit of net pay to an employee's designated bank account

FDIC Insurance

Protection provided by the Federal Deposit Insurance Corporation; protects the deposits of customers against loss up to $250,000 per account

Linear Regression

A statistical method used to fit a linear model to a given data set

Low Balance Alert

A notification that lets you know if the balance in your checking account goes below a set amount

Maintenance Fee

A monthly fee that some banks charge to provide access to checking or savings accounts

Minimum Balance

A certain amount of money that must be kept in an account as required by that particular financial institution

Online Bill Pay

A consumer banking technology that allows you to schedule and make payments over the internet

Overdraft Fee

A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyway

Person-to-Person Payment (P2P)

A digital payment method that allows you to transfer funds from your bank account to that of another person

Scatter Plot

A graph with points plotted to show a possible relationship between two sets of data

Slope

the steepness of a line on a graph, equal to its vertical change divided by its horizontal change

Slope-Intercept Form

y=mx+b, where m is the slope and b is the y-intercept of the line.

Wire Transfer

An electronic communication that moves funds from an account in one bank to an account in a different bank instantly. It is a useful option to send money securely when the two parties are not in the same geographic location.

Y-Intercept

the y-coordinate of a point where a graph crosses the y-axis