understanding banking vocabulary\ninstructions: match each term to its definition\na) banking transaction b)…

understanding banking vocabulary\ninstructions: match each term to its definition\na) banking transaction b) savings account c) chequing account\nd) banking fee e) simple interest f) monthly fee\ng) withdrawal h) transfer i) compound interest\nj) debit card k) direct deposit l) monthly bank statement\nm) bank account\n1. a written record of the activity for a bank account over a monthly period\n2. a product offered by a financial institution where customers can put money in and take money out and the financial institution keeps a record of this information\n3. an employer putting money earned into a bank account\n4. taking money out of a bank account\n5. money charged each month for the convenience of having a bank account. most online financial institutions and youth accounts do not have this charge\n6. money charged for completing a banking transaction\n7. a plastic card linked to a bank account. can be used to deposit and withdraw money from a bank account and make purchases at stores\n8. money held by an individual, in an account, at a financial institution intended for regular use\n9. money held by an individual, in an account, at a financial institution intended for future use\n10. a percentage of money paid on the principal amount in a bank account\n11. any activity performed on a bank account by the account holder or at their request\n12. a percentage of money paid on both the principal amount and any simple interest earned\n13. moving money from one account to another. this may occur electronically or physically (e.g. moving money from a saving account to a chequing account)

understanding banking vocabulary\ninstructions: match each term to its definition\na) banking transaction b) savings account c) chequing account\nd) banking fee e) simple interest f) monthly fee\ng) withdrawal h) transfer i) compound interest\nj) debit card k) direct deposit l) monthly bank statement\nm) bank account\n1. a written record of the activity for a bank account over a monthly period\n2. a product offered by a financial institution where customers can put money in and take money out and the financial institution keeps a record of this information\n3. an employer putting money earned into a bank account\n4. taking money out of a bank account\n5. money charged each month for the convenience of having a bank account. most online financial institutions and youth accounts do not have this charge\n6. money charged for completing a banking transaction\n7. a plastic card linked to a bank account. can be used to deposit and withdraw money from a bank account and make purchases at stores\n8. money held by an individual, in an account, at a financial institution intended for regular use\n9. money held by an individual, in an account, at a financial institution intended for future use\n10. a percentage of money paid on the principal amount in a bank account\n11. any activity performed on a bank account by the account holder or at their request\n12. a percentage of money paid on both the principal amount and any simple interest earned\n13. moving money from one account to another. this may occur electronically or physically (e.g. moving money from a saving account to a chequing account)

Answer

Brief Explanations:

  1. A monthly bank statement is a written record of bank - account activity over a month.
  2. A bank account is a product offered by a financial institution where customers can deposit and withdraw money and the institution keeps records.
  3. Direct deposit is when an employer puts money earned into a bank account.
  4. Withdrawal is taking money out of a bank account.
  5. Monthly fee is money charged each month for having a bank account.
  6. Banking fee is money charged for completing a banking transaction.
  7. Debit card is a plastic card linked to a bank account for deposits, withdrawals, and purchases.
  8. Chequing account is for regular - use money held in a financial institution.
  9. Savings account is for future - use money held in a financial institution.
  10. Simple interest is a percentage of money paid on the principal amount in a bank account.
  11. Banking transaction is any activity performed on a bank account by the account holder or at their request.
  12. Compound interest is a percentage of money paid on both the principal amount and any simple interest earned.
  13. Transfer is moving money from one account to another.

Answer:

  1. l) monthly bank statement
  2. m) bank account
  3. k) direct deposit
  4. g) withdrawal
  5. f) monthly fee
  6. d) banking fee
  7. j) debit card
  8. c) chequing account
  9. b) savings account
  10. e) simple interest
  11. a) banking transaction
  12. i) compound interest
  13. h) transfer