Chapter 14 Banking Test

A savings alternative, in which you leave money on deposit for a stated period of time. Earns a higher rate than a regular savings account.

• Direct Deposit

• Savings Account

• Money Market Account

• Certificate of deposit

A deposit or addition to an account such as a savings or checking account; a deposit

• credit

• debit

• Checkbook Register

• Overdraft

All of these are Depository Institutions except

• Credit Unions

• Investment Companies

• Commercial Banks

• Savings and Loan Associations.

Typical services provided by banks include all of the following except

• investment counseling

• savings

• payment services (checking)

• Mobile Banking

Which of these documents is NOT required in order to open a banking account?

• Drivers license

• birth certificate

• social security card

• Currently bill displaying your home address

What is the #1 use of mobile banking apps?

• Balance inquiry

• Paying bills

• Updating account information

• International money transfer

An ATM/debit card is linked to the users savings account

• True

• False

Which phrase best describes a Bank's role in your financial plan?

• A commercial bank or credit union has no part in a sound financial plan.

• Banks provide all the financial services and advice I need for my future needs.

• Interest earned on bank accounts replaces what investments might make.

• Banks provide a safe place for storage of your money.

Which of these are part of Electronic Banking Services? (Choose all the apply)

• Direct deposit

• Bill pay

• ATM

• Mobile banking

When writing a check, completing a debit transaction, or using the ATM it is important to write the transaction down in your check register in order to keep track of how much money you have left.

• True

• False