Banking Vocabulary Quiz

What is the 50-20-30 Rule?

• A) A rule for dividing your income into 50% savings, 20% debt repayment, and 30% flexible spending

• B) A rule for dividing your income into 50% necessities, 20% savings and debt repayment, and 30% flexible spending

• C) A rule for dividing your income into 50% flexible spending, 20% savings, and 30% debt repayment

• D) A rule for dividing your income into 50% debt repayment, 20% flexible spending, and 30% savings

What does ATM stand for?

• A) Automated Teller Machine

• B) Automatic Teller Machine

• C) Account Teller Machine

• D) Automated Transaction Machine

Which document is prepared monthly by your financial institution to show all transactions related to your account?

• A) Certificate Of Deposit

• B) Balance Sheet

• C) Bank Statement

• D) Canceled Check

What is the Spanish term for "Check"?

• La chequera

• El cheque

• El registro de cheques

• El interés compuesto

What is an application that runs on mobile devices and securely stores your payment information and passwords?

• Direct Deposit

• Deposit Slip

• Digital Wallet

• Endorse

What does it mean to sign the back of a check made out to you so it can be cashed or deposited?

• Direct Deposit

• Endorse

• Deposit Slip

• Digital Wallet

What is a "Maintenance Fee"?

• A notification that lets you know if the balance in your checking account goes below a set amount

• A monthly fee that some banks charge to provide access to checking or savings accounts

• A certain amount of money that must be kept in an account as required by that particular financial institution

• The buying of goods without planning to do so in advance, as a result of a sudden whim or urge

What is an Overdraft Fee?

• A fee charged when your account lacks funds to cover a withdrawal, but the bank allows the transaction

• A fee charged when your account has excess funds

• A fee charged for depositing money into your account

• A fee charged for closing your account

What is a "Person-to-Person Payment"?

• A digital payment method that allows you to transfer funds from your bank account to that of another person

• A method of paying bills online

• A way to transfer money from your bank account to a business account

• A method of withdrawing cash from an ATM

Which of the following terms is used to describe a method to calculate how many years it will take for your money to double?

• Simple Interest

• Rule Of 72

• Roth IRA

• Signature Card