Banking Quiz

What does it mean to endorse a check?

• To balance a checking account with your monthly bank statement

• To sign your name on the back for deposit or on the front when writing it

• To transfer funds electronically from a debit card

• To write a check without sufficient funds in the account

What is a bank statement?

• A sum of money deposited into an account

• A monthly record of account transactions sent to you by your bank

• The industry involved in conducting financial transactions

• A check that has not yet been deducted from the person's bank account

What is the purpose of a PIN in banking?

• To write a check or make a withdrawal when there isn't enough money in the account

• To "balance" a checking account with your monthly bank statement

• A number allocated to an individual and used to validate electronic transactions

• The electronic transfer of a payment directly from the account of the payer to the recipient's account

What is the definition of overdrawing an account?

• To sign your name on the back of a check for deposit

• To deposit a sum of money into an account

• To write a check or make a withdrawal when there isn't enough money in the account to pay for it

• To verify that all transactions are correct with a monthly bank statement

What is a debit card?

• A monthly record of account transactions

• A check that has been written but not yet deducted from the person's bank account

• A specifically coded plastic card issued by a bank that allows the card holder to transfer funds electronically from his or her account

• The industry involved in conducting financial transactions

What is a credit union?

• A government-owned financial institution that offers loans and credit.

• A for-profit financial institution that offers investment services.

• A nonprofit financial institution that is owned by its members and organized for their benefit.

• A digital platform for managing personal finances and investments.

What does the term "unbanked" refer to?

• Financial institutions that do not offer savings accounts.

• People who have online banking accounts only.

• People who don't have bank accounts.

• Banks that are not insured by the government.

What is the purpose of the memo line on a check?

• To record the check number for personal tracking.

• To make notes about why you are writing the check.

• To list the recipient's account number.

• To indicate the date the check was written.

What is a line of credit?

• A type of savings account that earns high interest.

• A given amount of unsecured short-term funds a bank will lend to a consumer with interest.

• A long-term loan used to purchase real estate.

• A fixed amount of money that is deposited in a bank and cannot be withdrawn for a set period.

What is a P2P app?

• A personal finance tool for tracking expenses and budgeting.

• A mobile application for playing online games with friends.

• A money transfer app that lets you send and receive cash to and from individuals and institutions through your mobile devices.

• A peer-to-peer lending platform for borrowing money without going through a traditional bank.