Question

learn the language of banking
instructions: in this activity, you will match the banking term (column a) with the activity that makes the most sense (column b). to help, you can review the definitions of the terms before you match the term with the activity.

• bank: institutions that hold money, lend money, and provide other financial services.
• banking: managing ones bank account or utilizing services offered by a bank.
• credit: a contractual agreement between a borrower and a lender giving access to money now in exchange for a promise to repay it later, typically with interest added.
• credit union: a member-owned financial institution that often gives better savings rates and loan terms.
• deposit: when you add money into your bank account.
• loan: money that the bank lends to you, which you have to pay back usually with interest.
• withdrawal: when you take money out of your bank account.

terms
__ deposit
__ loan
__ credit
__ bank
__ credit union
__ withdrawal

activities
a. youve been saving up your allowance and now you want to store it somewhere safe. you give your money to a trusted institution to hold onto it for you.
b. youre buying a new bike but you dont have enough money right now. youre given the funds you need with the agreement youll pay it back over time, usually with some extra (interest).
c. you want to use a financial institution where you get a say in how things are run because youre a member and part-owner.
d. youve spent your afternoon at a local yard sale and now you have some extra cash. you want to take it out of your pocket and put it into your bank account.
e. you want to buy a new video game online. you decide to pay for it using borrowed money, which you plan to pay back at the end of the month.
f. you need cash for a weekend outing with your friends. you go to a machine or a teller and get some money from your account.

Explanation:

Match Deposit

The term Deposit is defined as adding money into your bank account. Activity D describes taking extra cash and putting it into your bank account.

Match Loan

The term Loan is money lent to you by a bank that you must pay back with interest. Activity B describes receiving funds to buy a bike with an agreement to pay it back over time with interest.

Match Credit

The term Credit is a contractual agreement to borrow money now and pay it back later. Activity E describes buying a video game online using borrowed money with a plan to pay it back at the end of the month.

Match Bank

The term Bank refers to institutions that hold money, lend money, and provide other financial services. Activity A describes giving your saved money to a trusted institution to hold onto it for you.

Match Credit Union

The term Credit Union is a member-owned financial institution. Activity C describes using a financial institution where you are a member and part-owner, giving you a say in how things are run.

Match Withdrawal

The term Withdrawal is taking money out of your bank account. Activity F describes going to a machine or teller to get some money from your account.

Answer:

No.	Term	Answer
2	Loan	B
3	Credit	E
4	Bank	A
5	Credit Union	C
6	Withdrawal	F