BANKING BASICS

Terms to Define  Account  Appreciation  Asset  ATM  Available balance  Bounced check  Balance  Check  Checking account  Clear (check)  Debit Card  Depreciation  Endorse (check)  Financial Institution  Inflation  Interest

Continued  Liability  Line of Credit  Money Order  Insufficient Funds  Overdraft  Payee  Phishing  Reconcile  Returned Item  Savings and Loan  Statement  Transaction Register

Money, Money, Money  Larger bills circulate for 8 years  $20 circulate for 2 years, $5 for 15 months, $1 for 18 months  Measurements 2.61”x 6.14”x ”  Fold a bill around 8,000 times for it to tear (by itself)  Does not grow on trees  LINEN

More Money  Way to store, measure, and exchange value  Printed by the Department of the Treasury  Exchanges many hands  One has to spend for another to gain  Constant cycle  Lending money usually requires a monetary compensation

Even more Money  Receiving a loan requires a premium to be paid  The present value of money is worth more than the future value of money  Money appreciates over time  According to The Fed Consumer Price index, $1 in 1900 could buy $20 worth of stuff in 2007

OHHH NO a Quiz!!!!!!