Banking Pre-test

What are the two main types of accounts at banks?

• checking and balancing
• checking and savings
• checking and debit
• savings and borrowing

Interest is a fee charged...

• by a lender to a borrower
• by a borrower to a lender
• by a bank for writing a check
• by a bank for making a deposit

With an electronic transfer, money is transferred from one account to another without

• record keeping
• overdraft protection
• service charges
• any check or cash involved

In banking, what does ATM stand for?

• Automatic To Money
• At The Moment
• Asynchronous Transfer Mode
• Automated Teller Machine

If you write checks for more than you have in your checking account, your account...

• cannot have outstanding transactions
• will be overdrawn
• will be automatically reconciled
• does not meet credit union regulations

A direct deposit...

• cannot be paid by credit unions
• cannont be expressed as a percentage 
• is another name for compound interest
• goes to your account without using a check

Adding money to your account is called a...

• credit
• deposit
• debit
• withdrawl

This type of bank is non-profit and offers its members lower interest rates.

• Commercial bank
• Investment bank
• Credit union
• Traditional bank

You can use a debit card to...

• access money in your checking account and transfer it
• accept a payroll deposit from your employer
• write a check
• get overdraft protection

True or False: You can withdraw money from an ATM at any time.

• True
• False