Financial Literacy Vocabulary Terms

How Do I Make a Deposit?

Pretest

1. A deposit is how I pay someone.2. A check can only be used to put something

into the bank.3. A financial institution is a car dealership.4. Financial institutions are businesses.5. A net deposit is the amount of money

deposited into an account, minus any cash received

Learning Objectives

• Explain that financial institutions are business• Name services that financial institutions

provide• Name the parts of a checkbook• Complete a deposit ticket and maintain a

check register correctly• Define net deposit

Financial Institution• A business that

provides money-related services

Interest

• A fee received for the use of money

Checking Account• An account that

allows the owner to write checks against deposited money

Debit Cards

• Allow customers to electronically and immediately withdraw funds from their accounts

Savings Account• An account used to

hold money that is not needed right away

Loans

• An amount of money borrowed by someone that must be repaid usually with interest

Credit Card• A card that allows the holder to buy goods and

services by taking out a bank loan for the purchases

Checks• Written orders to a bank to pay a certain

amount of money from a checking account to another person or business

Deposit Tickets• Written records of money put into a checking

account

Check Register• A booklet for recording the money that is put

into (deposited) or removed (withdrawn) from the checking account

Net Deposits• The amount of money deposited into an

account, minus any cash received

Endorse• To write a signature on the back of a check

1. A financial institution…A. Is a businessB. Provides money related servicesC. Accepts deposits and makes loansD. All of the above

2. Checking Accounts…A. Use an ATMB. Can be used to pay billsC. Never put money into your checking

account

3. Debit Cards

A. Are NOT like virtual checksB. Are savings accountsC. Allows people to withdraw money

immediately from their checking accountsD. Does NOT allow people to withdraw money

from their checking accounts

4. A loan…

A. Is money borrowed, but does not have to be repaid

B. Is money borrowed, but has to be repaid without interest

C. Is money borrowed but has to be repaid with interest

D. Is money

5. Interest

A. Interest doesn’t existB. Interest is NOT a fee for the use of goodsC. Interest is a fee for the use of goodsD. Interest is a fee received for the use of

money

True or False6. Checks are written orders to a bank

to pay a certain amount of money from a checking account to another person or business.

True or False7. Deposit tickets are not written

records of money put into a checking account.

True or False8. A check register is a booklet for

recording the money that is put in and taken out from the checking account.

True or False• You never have to endorse a check.

True or False10. A net deposit is the amount of

money deposited into an account after adding.

Exit Ticket

1. What term means the amount of money deposited into an account, minus any cash that is received?

A. Check RegisterB. Net DepositC. Endorse