Banzai! Life Scenarios Vocabulary – Flashcards
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ATM
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Automated Teller Machine
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Budget
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A sum of money to be used for a particular purpose.
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Debit Card
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Like a credit card, but it takes money directly from your bank account.
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Credit Card
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A card that lets you buy goods and services based on a promise to pay later and charges monthly interest if the balance is not paid in full.
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Checking Account
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A bank account from where the depositor can write checks.
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Savings Account
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A bank account where money is stored and returns a very low interest rate.
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Bad Check
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A check that is dishonored because of insufficient funds.
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Overdraft
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Occurs when withdrawals have gone over the available amount.
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Cleared Check
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A check that has been honored and processed.
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Check Register
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A record book used to keep track of all transactions when they occur.
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Statement
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A document published by your bank (sent to you or available online) that details all transactions for the month.
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Overdraft Fee
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A fee for over spending.
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Reconcile
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To check (a financial account) against another for accuracy.
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Deposit
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To place for safekeeping or in trust, especially in a bank account.
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Withdrawal
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Taking money out of an account.
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Convenience fee
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Amount charged to be able to use a debit or credit card.
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Net pay
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The paycheck amount received after taxes and deductions have been withheld - "take home pay."
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Gross pay
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The total amount earned before taxes or other deductions are subtracted from your salary - "pre-tax."
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Social Security
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A government program designed to provide income to working Americans and their families after retirement, disability, or death.
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Medicare
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Used to specifically provide medical services to Americans after they retire.
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W-4
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This form determines the amount of taxes your employer will withhold from your paycheck. If you withhold too little, you'll owe taxes at the end of the year
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Emergency fund
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A "rainy day" fund helps prepare you for unexpected life events, such as the loss of a job, a health problem, or a car repair.
