Basic Banking

An account you can deposit money into and then write checks or use debit card to withdraw money is known as a ____________________.

• Money Market

• Checking

• Savings

• ATM

Putting money into an account is known as _______________.

• Sinking

• Placing

• Withdrawing

• Depositing

Which of the following about Debit cards is NOT true?

• They take money straight out of your bank account

• You can be charged for using your debit card to take money out of another bank's ATM.

• Some banks have a limit on how much you can purchase with your debit card in a day.

• You never have to be concerned with someone committing fraud against your debit card.

What is this paper?

• It's a tax return paper

• It's a credit card statement

• It's a bank statement

Account where money is kept for you to spend

• Deposit

• Withdrawal

• Checking account

Account where you save money for the future

• Checking account

• Savings Account

• Deposit

To put money into your bank account

• Withdrawal

• Deposit

• Balance

• Account

To take money OUT of your bank account

• Withdrawal

• Deposit

• Bank

• Account

Which of the following best describes a LOAN?

• Money borrowed that can be paid back if one feels like it.

• Money borrowed

• Money borrowed with the expectation of paying it back in a timely manner.

• Money gifted to someone with no expectation of payback.

Which of the following is not a characteristic of a SAVINGS ACCOUNT?

• Safe place to store money

• Owners can write checks from the money in the account

• Money is protected by Federal Insurance

• Money gains interest over time

• Great way to save for something you want or an emergency