Unit 3 (Chapter 5) Banking Review (PF & SPF)

What card would allow you to make purchases at stores and withdraw money from an ATM?

• Debit card

• Money card

• Prepaid card

• Gift card

What does overdraft protection help you avoid?

• ATM fees

• Service fees

• Non-sufficient funds fees

• Inactive account fees

What is the purpose of a bank being insured by the Federal Deposit Insurance Corpoation (FDIC)?

• It insures a person's deposits in their account against bank failure.

• It insures a person's loans can be written off after a certain period of time.

• It insures a person's bank assets against government deficits.

• If insures a person's creditors against paying.

You have invested $500 at 12 percent interest.  According to the Rule of 72, how soon will the money double in value? (72/% number)

• 4 years

• 6 years

• 8 years

• 12 years

What is the term for an employer to deposit pay into the employee's bank account instead of issuing a check.

• Direct Deposit

• Check Deposit

• Mobile Depost

• Bank Deposit

Money added to a checking or savings account is called a(n)

• deposit

• withdrawal

• endorsement

• income

Money deducted from a checking account and transferred electronically to another party is called a(n)

• direct deposit

• postdate check

• automatic withdrawal

• automatic deposit

The FDIC does not insure

• checking accounts

• savings accounts

• mutual funds

• certificates of deposit

A tool used to track checks, withdrawals, deposits, and fees for your checking account is a

• checkbook register

• deposit slip

• bank reconciliation

• signature card

Writing "For Deposit Only" and then signing your name on the back of the check is a(n)

• blank endorsement

• restrictive endorsement

• special endorsement

• endorsement in full