Understanding Banking and Financial Products
Flashcard
•
Mathematics
•
11th Grade
•
Practice Problem
•
Hard
+4
Standards-aligned
Wayground Content
FREE Resource
Student preview
15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a Certificate of Deposit (CD)?
Back
A savings instrument that requires a deposit for a specific period of time, during which there is a penalty for early withdrawals.
2.
FLASHCARD QUESTION
Front
What does direct deposit refer to?
Back
The electronic transfer of funds from an employer to an employee's bank account, typically for payroll.
3.
FLASHCARD QUESTION
Front
What type of documents should be stored in a safe-deposit box?
Back
Important documents such as mortgage loan papers, wills, and property deeds.
4.
FLASHCARD QUESTION
Front
What is the purpose of using a checkbook stub or register?
Back
To keep a record of the date, amount, and payee of checks written, helping to track spending and account balance.
5.
FLASHCARD QUESTION
Front
What must a bank do if a person makes a deposit of $10,000 or more?
Back
The bank must notify the US Treasury Department.
6.
FLASHCARD QUESTION
Front
What is the primary function of a savings account?
Back
To allow individuals to save money while earning interest on their deposits.
7.
FLASHCARD QUESTION
Front
What is the difference between a checking account and a savings account?
Back
A checking account is used for daily transactions and typically has no withdrawal limits, while a savings account is intended for saving money and may have limited withdrawals.
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