Personal Finance Basics

it is best to bring ____ your photo ID and your social security card with you because the bank will need a ____ of each for their files.

both, copy

while you may be able to open a checking or money market account with a _________ ____, the minimum deposit is sometimes higher and access to loans is usually limited to how much money you have invested with a brokerage film.

brokerage film

a spending plan, some might call that a ______, is important no matter what your income level, no matter how large or how small your assets are.

budget

examples of acceptable forms of your initial deposit are ____, check from another account, cashiers check or _____ ____.

cash, money order

for the paper form, go through your actual statement and _____ _____ each item which is printed on the statement as you match them to your deposit or withdrawal receipts

check off

step 12: once you have completed the paper and the bank statement balances with your _______ _______ balance you may shred your receipts and file your bank statement in your filing system

check register

step 11: on your paper if your totall on line five does not match the total you have in your _________ register, then you should go back through your receipts and statements and see if you forgot to enter a check or debit card withdrawal or if you _________ any numbers

checkbook, transposed

a __________ ____ is one of the most widely recognized of the banking institutions because they have been so well known throughout the years.

commercial bank

when you choose a bank, you should keep three main points in mind: ___________, _______ and ____.

convenience, service, cost

decide what ____________ are most important to you and then see which bank matches these priorities when you are doing your research

conveniences

to be able to create an action plan for your goals, you need to know how much each goal will ____, how long will you have to ____ the money you need to pay for this goal and how much money you will be able to save toward ___ of your goals.

cost, save, all

if you use your ______ ____ for a cash withdrawal, there is a much higher fee charged for this cash. unlike _____ cards, the money is not taken out of your account. instead, a statement is sent to you by mail or e-mail at the end of each billing cycle and you make a payment to your credit card company at that time.

credit cars, debit

instead of getting a printed check from your employer or other types of institutions, you can, in most cases, elect to have your money _________ _______ into your account from the employer's or other type of institution's account

deposited directly

step seven: in your financial software program, once the information is properly entered in the pop up box for step six you will be taken to a new screen where all of your _________ and ____________ will be listed separately.

deposits, withdrawal

examples of acceptable forms are _______ _______ or ________.

drivers license, passport

remember the better prepared you are when you go into the bank to open your account, the______ the process will be for you and your _______.

easier, banker

step five: in your financial software program, type in the __________ _____________ as provided in your statement. on the paper form, this number goes on the top line where the instructions tell you to enter the ending balance.

ending balance

the first thing you want to consider is the different types of ________, which we covered in the vocabulary in the beginning

expenses

ask the customer service representative to explain the ____ to you if you do not understand them and make there are no ______ fees.

fees, hidden

banks make their money by charging ____ for the services they offer, by charging _________ on loans that they make, and by charging ___________ on investments they sell.

fees, interests, commissions

in your financial software program if all your deposits and withdrawals are checked off correctly, the program will show that you have a difference of zero and will allow you to click ___________

finished

step ____: in your financial software program type in the _______ balance as provided on your statemtn

four, opening

the better you can ________ your goals, the better you can incorporate them into your spending plan.

identify

each time you use a debit card, the money is taken from your account almost ___________.

immediately

deciding what is important to you helps you not to do _________ or ___________ purchases, which means you spend your money in a way which is going to ______ your life without bringing a lot of ____.

impulsive, compulsive, enrich, debt

the first section of a spending plan is ______.

income

step six: in you financial software program, type in any _________ the bank paid you, the, still in your financial software program, type in the amount of _________ ____ your bank charged you, just like you entered for the interest.

interest, service fee

an ____________ goal is one you want to achieve in more than 12 months, but less than ___ years.

intermediate, 5

step nine: on your paper form, now add up all of your outstanding deposits. put this total on _____ ______.

line four

a ________ goal is one you want to achieve in more than five years and possibly up to ___ ___ ___ years.

long term, 30 to 35

if someone comes in with a spending plan, it shows they have ________ they have thought out, they have a little __________ in their financial life.

maturity, discipline

other fees may apply if you do not carry a _______ _______ in your account or other requirements set by individual banks

minimum balance

while commercial banks operate for a profit, credit unions are owned by its members who are also its customers and operate as a _________ ____________.

nonprofit organization

______ ________ allows you to securely access your account information through your bank's website.

online bankings

when you handle your money in an _________ and well planned way, it is easier for you to set aside money for the different goals that you have because you are not __________ using your money making __________ purchases.

organized, carelessly, compulsive

step eight: on the paper form, subtract the ___________ ________ and withdrawals on line two in step seven from the ending balance you entered on line one in step five and enter the difference on line three as shown on your screen

outstanding checks

some banks offer an _________ _________, which means if you make a payment out of your account by writing a check or using a debit card, the bank promises to cover the purchase account.

overdraft privilege

make a note of this date on your _____ _____ so you will know what date the bank stopped processing deposits and withdrawals for this statement period.

paper form

as well, the members get a ______ each year of any profit the credit union made during the year.

payout

step three: in your financial software program, type in the date your statement was _______.

printed

once you have your goals ___________, it's time to create a plan to help you achieve these goals.

prioritized

step one: pull together all of your deposit and withdrawal ________ you have acquired since your last statement

receipts

step two: open your financial software program and click the _________ or balance this account button, or take the last page of your statement and turn it over so you can write in the form provided to you on the back of the statemnt

reconcile

if you are using a financial spftware prgram, then click finished and a ____________ report will show up

reconciliation

it is important for you to keep your own ________ so you have an ________ idea of what is available for you to spend

register, accurate

it is suggested, however, you go ahead and ______ each deposit and withdrawal against your receipts to make sure all of it ________ up.

review, matches

a _________ goal is one you want to achieve in less than ___ months time.

short term, 12

although much of the banking we do is electronic for example, debit or atm cards your _________ needs to be on file with the bank for many other reasons than simply writing checks

signature

bank statements are provided to give a customer ________ of what their account activity has been during a specific time period

snapshot

an example of an acceptable form is a ______ _________ card.

social security

your goal in developing a ________ plan is to be able to pay all of your expenses each month and put money into a _______ or _________ account and having a good spending plan in place will help you achieve this goal.

spending, savings, investing

this _________ of your account shows the opening balance, the total of deposits made during the month, the total of the withdrawals made during the month and the closing balance

statement

step ten: on your paper form now add the lines ______ and ______ and write in the total on line 5.

three, four

when you have more than one account, such as a checking and savings account, you are able to make _________ between these accounts and usually at no cost.

transfers

________ _____ do not have physical locations you are able to walk into and do your banking.

virtual banks

if it does not show a difference Of ______ then you go back through your receipts and see what you have checked off on your screen to see where you made a ________

zero, mistake