Banking Vocab and Reading Quiz

What does the term 'scam' mean?

• Steal, fake, lie

• Person who lies to try and trick you

• Insurance for banks

• Percentage bank gives you for opening a savings account

What is the role of FDIC?

• Steal, fake, lie

• Person who lies to try and trick you

• Insurance for banks

• Percentage bank gives you for opening a savings account

What does insurance do?

• Steal, fake, lie

• Person who lies to try and trick you

• Makes sure you don’t lose everything if something bad happens

• Percentage bank gives you for opening a savings account

What is interest?

• both

• Percentage bank gives you for opening a savings account

• Percentage EXTRA you have to pay back if you borrow money

What is a checking account used for?

• Account you use for buying things

• ATM

• Checks

• Cash

What does deposit mean?

• put money in or add

• ATM

• pay with checks or cash

• take money out

What is a savings account used for?

• Account you use for buying things

• ATM

• Checks

• Use this account to save money for expensive things

What does it mean to overdraw or have an overdraft?

• OOPS! I accidentally took out/spent TOO MUCH MONEY

• How much money I have

• Money I TAKE OUT of my account

• Put my money from my paycheck IN THE BANK

What does the term 'balance' refer to?

• OOPS! I accidentally took out/spent TOO MUCH MONEY

• How much money I have

• Money I TAKE OUT of my account

• Put my money from my paycheck IN THE BANK

What does it mean to withdraw money?

• OOPS! I accidentally took out/spent TOO MUCH MONEY

• How much money I have

• Money I TAKE OUT of my account

• Put my money from my paycheck IN THE BANK