Banking Terms Quiz

A stock of accumulated wealth used or available for producing more wealth.

• Profit
• Money
• Debt
• Capital

A savings account in which an individual promises to deposit the money for a set period of time, for which the bank typically pays higher interest than a regular savings account.

• Certificate of Deposit

• Unfixed deposit account
• Variable deposit account
• Flexible deposit account

Anything a bank accepts as security against the debtor's not repaying a loan. If the debtor fails to repay the loan, the bank is allowed to keep the collateral.

• Mortgage
• Credit score
• Interest
• Collateral

Nongovernmental financial institutions. Sometimes called full-service banks because they provide a wide range of services, such as checking and savings account, credit loan arrangements and safety deposit box rentals.

• Private banks
• Commercial Bank

• Nonprofit organizations
• Government-owned banks

Interested calculated not only on the original principal, but also on the interest accrued.

• Compound Interest

• Noncompound interest

• Accrual interest

• History

This is a rating of your use of credit based on: payment history, amount owed, new credit, and types of credit. Scores affect the terms of a loan and your interest rate.

• Credit Rating

• Credit Option

• Credit Score

• Math

A checking account can also be called what?

• credit account
• savings account
• demand deposit

• investment account

A governmental agency established by Congress to organize and regulate banking throughout the United States.

• Federal Reserve
• Federal Bank
• National Treasury
• Congressional Reserve

Money owed to individuals, businesses or institutions.

• Credit
• Loan
• Income
• liabilities

An economic system permitting an open exchange of goods and services between producers and consumers.

• Market Economy

• Mixed economy
• Barter system
• Command economy