Finances Exam Review

The amount of money in your checking account is your

• balance.

• statement.

• interest.

When you earn money on both your principal and interest, you are earning

• complex interest.

• generous interest.

• compound interest.

• simple interest.

A not-for-profit, member-owned, financial cooperative is a

• commercial bank.

• savings & loan.

• credit union.

• cyberbank.

Your __, linked to your checking account, allows you to withdraw funds from an ATM and make purchases.

• charge card

• debit card

• credit card

• library card

The __ insures bank deposits up to $250,000.

• FDIC

• FCC

• FTC

• FDA

An __ is a check written without sufficient funds to cover it.

• accident

• overdraft

• asset

• debit

You deposit money into your __ account and then use an ATM or write checks to withdraw money as needed.

• savings

• CD

• checking

• IRA

Convenience, 24/7 bill-paying, and being able to check your balance anywhere you have an internet connection are all positives to

• bricks and mortar.

• online banking.

• passbook savings account.

• Google banking.

A __ has a federal or state charter, is owned by stockholders, and offers accounts to individuals and businesses.

• commercial bank

• credit union

• trust

• savings and loan

Adjusting your checking account balance to match your statement is called

• reconciling.

• savings.

• homework.

• unnecessary.