What is an Account Agreement in banking terms?

Banking Terms Quiz

Quiz
•
History
•
12th Grade
•
Medium
STEPHANIE AUBUCHON
Used 1+ times
FREE Resource
22 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A form for cash and other funds that a customer presents to the bank for credit to his or her account.
The legal proceedings by which the affairs of a bankrupt person are turned over to a trustee or receiver.
The contract governing your open-end credit account, providing information on changes that may occur to the account.
A machine that can process a variety of banking transactions, including deposits and loan payments.
Answer explanation
An Account Agreement is a contract that governs your open-end credit account and provides information on changes that may occur to the account.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Annual Percentage Rate (APR) represent?
The balance of an account less any hold, uncollected funds, and restrictions against the account.
A check drawn on the funds of the bank, not against the funds in a depositor's account.
The cost of credit on a yearly basis, expressed as a percentage.
A payment that is electronically deposited into an individual's account at a depository institution.
Answer explanation
The Annual Percentage Rate (APR) represents the cost of credit on a yearly basis, expressed as a percentage.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a Bank Statement?
To show all deposits made, checks paid, and other debits posted during the period (usually one month), as well as the current balance.
To provide a form for cash and other funds that a customer presents to the bank for credit to his or her account.
To issue an approval for a credit card transaction.
To process a variety of banking transactions, such as deposits and loan payments.
Answer explanation
The purpose of a Bank Statement is to show all deposits made, checks paid, and other debits posted during the period, as well as the current balance.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a Cashier's Check and a regular check?
A Cashier's Check is drawn on the funds of the bank, not against the funds in a depositor's account.
A Cashier's Check is a form for cash and other funds that a customer presents to the bank for credit to his or her account.
A Cashier's Check is a payment that is electronically deposited into an individual's account.
A Cashier's Check allows the account owner to access their funds electronically.
Answer explanation
A Cashier's Check is drawn on the bank's funds, not against a depositor's account.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an Electronic Funds Transfer (EFT)?
A type of safe located inside a bank vault.
The transfer of money between accounts by consumer electronic systems.
A government corporation that insures deposits of banks.
A charge assessed by a bank for processing transactions.
Answer explanation
An Electronic Funds Transfer (EFT) refers to the transfer of money between accounts using consumer electronic systems.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does FDIC stand for?
Federal Deposit Insurance Corporation
Federal Direct Investment Corporation
Financial Deposit Insurance Company
Fiscal Deposit International Corporation
Answer explanation
FDIC stands for Federal Deposit Insurance Corporation. It is a government agency that provides deposit insurance to depositors in US banks.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an overdraft?
A type of bank account for two or more persons.
A secret code used by cardholders to access their accounts.
When the amount of money withdrawn is greater than what is available in the account.
A charge for processing transactions by a bank.
Answer explanation
An overdraft occurs when the amount of money withdrawn exceeds the available balance in the account.
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