Banking Terms Quiz

Banking Terms Quiz

12th Grade

22 Qs

quiz-placeholder

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Banking Terms Quiz

Banking Terms Quiz

Assessment

Quiz

History

12th Grade

Medium

Created by

STEPHANIE AUBUCHON

Used 1+ times

FREE Resource

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an Account Agreement in banking terms?

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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