Banking Vocabulary

Banking Vocabulary

Assessment

Flashcard

Business

10th Grade

Medium

Created by

Wayground Content

Used 1+ times

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10 questions

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1.

FLASHCARD QUESTION

Front

What is the purpose of Direct Deposit?

Back

To automatically transfer funds from one bank account to another

2.

FLASHCARD QUESTION

Front

What does FDIC Insurance guarantee?

Back

Safety of deposits in member banks

3.

FLASHCARD QUESTION

Front

What is a Certificate of Deposit?

Back

A type of savings account with a fixed interest rate and fixed date of withdrawal.

4.

FLASHCARD QUESTION

Front

What is an Overdraft Fee?

Back

A fee for withdrawing more money than the account holds.

5.

FLASHCARD QUESTION

Front

What is an Outstanding Check?

Back

A check that has not yet been cashed or deposited.

6.

FLASHCARD QUESTION

Front

What does the term 'Balance' refer to in banking?

Back

The amount of money currently in an account

7.

FLASHCARD QUESTION

Front

What is a Bank Statement?

Back

A list of recent transactions in an account.

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