Easy Midterm Banking "A"

A debt card and ATM card are the same thing

• Yes

• No

When writing a check, it is a good idea to use

• pencil

• erasable pen

• blue or black ink pen

• red pen

Taking more money out of your account than is available​ is called?

• Overdraw
• Deposit
• Withdraw
• Balance

What is one difference between Banks and Credit Unions?

• Banks have Checking accounts and Credit Unions have Savings Accounts
• Banks are for profit.  Credit Unions are Non-profit.
• Banks can give loans and Credit Unions cannot
• Credit Unions allow everyone to join and Banks are selective

What is the amount of money required to be stay in an account?

• Maximum Balance
• Minimum Balance
• Minimum Deposit
• Maximum Deposit

What agencies insure banks and credit unions?

• IRS and DHS
• DHS and FDIC
• FDIC and NCUA
• NCUA and FICA

You should keep your pin number in your wallet.

• True
• False

What is the name of a legal document that functions like cash?

• Check
• ATM
• Deposit slip
• PIN

When do you have to sign a deposit slip?

• When you receive cash back
• When you deposit any amount of cash
• When you deposit more than $100
• When you deposit more than $10,000

How do financial institutions make most of their money?

• Fees
• Interest
• Mutual Funds
• Loan Payments