Chp 5 Notes Review

What is the most commonly used payment service?

• Credit Card

• Savings Account

• Checking Account

An automatic deposit of net pay to an employee’s designated bank account is a:

• ATM

• Automatic Payment

• Direct Deposit

A(n) _________________ is when your bank can withdraw the amount of your monthly payments or bills from your bank account with your authorization.

• Direct Deposit

• Automatic Payment

• Debit Card

When using a debit card, the money you're spending comes from:

• the credit card company

• your bank account

• your employer

A bank ATM allows you to do which of the following (there are several):

• Withdraw cash from an account

• Make deposits to accounts

• Pay bills

• Transfer money from one account to another