Question

match the following terms with its appropriate definition.

column a

1. checking account
2. credit card

3 debit card

1. deposit

5 withdrawal

1. direct deposit
2. electronic transfer
3. online bill pay

column b
a. moving money from one account to another within your financial institution using an atm or online bank.
b. a plastic card connected to your money in your checking account. this card can be used to make purchases online or in stores
c. a method of payment employers use to pay their employees rather than a paper paycheck. on pay day, funds are automatically deposited into the employees account.
d. money being taken out of your account or spent by electronic transactions.
e money being put into your account.
f. an option you can often use to connect your checking account to reoccurring bills you may need to pay frequently
g. using someone elses money to make a purchase provided by a financial institution through use of a plastic card accepted in most businesses
h. a fluid way to make payments and deposits into your financial institution through a number of different ways including but not limited to: checks, debit cards, atm, etc.

Explanation:

1. A checking account (h) is a fluid way for payments and deposits via checks, debit cards, etc.
2. A credit card (g) uses borrowed money (from a financial institution) for purchases.
3. A debit card (b) is linked to checking - account money for online/store purchases.
4. A deposit (e) is money put into an account.
5. A withdrawal (d) is money taken out/spent electronically.
6. Direct deposit (c) is employer - to - employee fund transfer (no paper check).
7. Electronic transfer (a) moves money between accounts (ATM/online).
8. Online bill pay (f) connects checking account to recurring bills.

Answer:

1. h. A fluid way to make payments and deposits into your financial institution through a number of different ways including but not limited to: checks, debit cards, ATM, etc.
2. g. Using someone else's money to make a purchase provided by a financial institution through use of a plastic card accepted in most businesses.
3. b. A plastic card connected to your money in your checking account. This card can be used to make purchases online or in stores.
4. e. Money being put into your account.
5. d. Money being taken out of your account or spent by electronic transactions.
6. c. A method of payment employers use to pay their employees rather than a paper paycheck. On pay day, funds are automatically deposited into the employees account.
7. a. Moving money from one account to another within your financial institution using an ATM or online bank.
8. f. An option you can often use to connect your checking account to reoccurring bills you may need to pay frequently.