Banking and checking kahoot

Inflation

The general rise in the cost of goods and services over time.

Why might a young adult be concerned about interest rates?

Student loans will be more expensive to pay back.

Reasons for having a checking account

Security and convenience.

What does the Fed not do?

Print money.

Payer

The person writing the check.

Endorsement

The signature on the back of a check (for deposit).

Payee

The person to whom a check is written.

Canceled checks

Checks that have cleared the bank.

Currency

Paper money.

Electronic Transfer (ET)

Moving money online from one account to another.

Bartering

Trading goods/services without using money.

Check

An order to a bank to pay a specific sum of money to a specified person or business.

Overdrawing

Attempting to withdraw more money than you have in an account.

Account Balance

The total amount of money in an account on any certain date.

Money Order

A certificate that allows the stated payee to receive cash on demand.

Certified Check

A personal check that has been stamped by a bank officer showing that the funds are available in the account.

Direct Deposit

A system that allows employers to deposit paychecks directly into an employee’s account.

Student loans will be more expensive to pay back

Why might a young adult be concerned about interest rates?

Cashier’s Check

A pre-paid check that draws on the money of the bank that issued it. The bank is the payer

ATM

A computer terminal that you can use to make deposits, withdraw cash, etc.

Debit Cards

Cards that operate like electronic checks with transactions directly impacting one’s checking account.

Check Register

A paper record that everyone should use to keep track of transactions affecting their checking account.

Checking Account

A bank account that allows depositors to write checks and use a debit card.

Bank Statement

A paper record you receive from the bank with all of your recent transactions that have cleared.

Safe Deposit Box

Metal boxes housed at a bank that can only be accessed by the owner or authorized person.

The costs of everyday goods increases

Why is inflation a concern for most people?