BANKING TEST REVIEW

DEFINE SAVINGS ACCOUNT

• An account where you keep money to earn interest

• Allows you to do your banking online 24 hours a day and 7 days a week without a live person

DEFINE CHECKING ACCOUNT

• The money that you earn on your money in the bank or the fee you pay to borrow money

• An account where you spend your money using a check or a debit card

DEFINE DEBIT CARD

• A card used to make purchases and then money comes from your checking account as soon as you use it.

• An account where you keep money to earn interest

DEFINE ATM

• Allows you to do your banking online 24 hours a day and 7 days a week without a live person

• The money that you earn on your money in the bank or the fee you pay to borrow money

DEFINE INTEREST

• An account where you spend your money using a check or a debit card

• The money that you earn on your money in the bank or the fee you pay to borrow money

1. What type of banking institution is owned by shareholders?

• Credit Union

• Commercial Bank

• Savings and Loan

1. Which of the following options can’t be done using online banking using your phone?

• Pay a Bill

• Get Cash

• Deposit a Check

1. Which card should you use when you are online shopping?

• Credit Card

• Debit Card

1. What should you do with unused checks if you decide to switch banks?

• File them in your office

• Shred/destroy them

• Give them to a friend

1. If you are going to use an ATM several times a month, which is the best feature of your bank?

• ATM Fees

• Free ATM Transactions