Income & Banking Vocab

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Across
  1. 2. You use this card as a form of payment in which you draw money directly from their checking account
  2. 4. Money received from employment
  3. 5. A savings tool that holds a fixed amount of money for a set period (maturity date) at a fixed interest rate; penalties apply for early withdrawl
  4. 8. Moving money from one account to another
  5. 12. When you take money out of an account
  6. 13. You use this card as a form of payment in which you borrow money from a financial institution up to a certain limit, with added interest
  7. 16. A situation where more money is spent than is available in the account, usually resulting in fees
  8. 18. A machine that allows banking transactions (withdrawals and deposits)
  9. 21. A person who is self-employed or a contracted worker (not employed by the company) receives this tax form for their income
  10. 23. These are subtracted from gross pay and include: federal/state income tax, social security, medicare, and medicaid
Down
  1. 1. A hybrid account combining features of checking and savings, often offering higher interest rates but requiring higher minimum balance
  2. 3. A monthly report from the bank summarizing all account activity
  3. 6. An account that allows easy access to funds for daily transactions using a debit card, checks, or electronic transfers
  4. 7. A bank account that holds money not intended for daily expenses and typically earns interest
  5. 9. The total amount of money in an account at a given time
  6. 10. Expenses that change month to month (hint: They vary)
  7. 11. Expenses that remain the same and do not change
  8. 14. Money paid by the bank for keeping your money there (savings) or paid by you for borrowing money (loan).
  9. 15. Money you actually receive and can spend on expenses (Take home pay)
  10. 17. A person who is employed full time at a company will receive this tax form for their income
  11. 19. A non-profit, member-owned financial institution that often offers better interest rates
  12. 20. Short for "Federal Deposit Insurance Corporation." A federal agency that insures bank deposits up to $250,000 per account
  13. 22. All the money you earn before taxes, benefits, investments and other deductions are taken out
  14. 24. When you add money to an account