Review-U1-Banking-Sp2026

The cost of borrowing money or the reward for saving money is called .

The idea that money today is worth more than the same amount in the future is called the of money.

Banks are financial institutions that accept , allow withdrawals, and provide.

The central bank of the United States is the .

One role of the Federal Reserve is to regulate banks and help keep the economy .

One main way banks earn income is by lending money and charging .

Banks also earn money through such as overdraft or maintenance fees.

Credit unions are -profit institutions.

Banks are owned by , while credit unions are owned by .

One benefit of credit unions is fees.

The insures deposits at banks.

The insures deposits at credit unions.

FDIC and NCUA insurance protects deposits up to dollars per account.

Money going into a checking account is called a .

Money taken out of a checking account is called a .

A deposit is a to a checking account.

A withdrawal is a to a checking account.

One way to put money into a checking account is through deposit.

A card used to access money in a checking account is a card.

 A statement shows account activity over a period of time.

Reading your bank statement helps detect errors and .

A 9-digit number that identifies the bank is called a number.

The number that identifies your personal account is the number.

The routing and account numbers are found at the of a check.

Signing only your name on the back of a check is called a endorsement.

Writing “For deposit only” is a endorsement.

A endorsement allows a check to be signed over to another person.

The most secure type of endorsement is the endorsement.

 A checking account is mainly used for spending.

 A savings account allows money to over time.

 Interest earned only on the original amount is called interest.

 Interest earned on the original amount plus previous interest is called interest.

 Compound interest causes money to grow over time.

 A -yield savings account usually offers a higher interest rate.

 A of Deposit (CD) requires money to be left untouched for a set time.

 A money market account often requires a minimum balance.

A common fee charged when you spend more than your balance is an fee.

 Monthly maintenance fees can often be avoided by keeping a balance.

 Overdraft protection may still charge fees.

 Mobile banking help warn you of low balances or suspicious activity.

Savings goals that are weeks or months away are -term goals.

 Automatically moving money into savings is called deposits.

 The strategy of saving before spending is called yourself first.

An emergency fund should cover to months of expenses.

 An emergency fund should be kept in a savings account.

 Emergency funds are used for expenses.

 A sinking fund is used for expenses.

 In the 50/30/20 rule, percent of income goes to savings.

 The 50/30/20 rule suggests percent for needs.

 Living paycheck to paycheck means having little money left after .

  is the rise in prices over time.

 Inflation reduces the power of money.

 Credit cards can lead to high-interest