Intro to Depository institutions Vocab

What is an Automated Teller Machine (ATM)?

• A machine that allows individuals to complete certain transactions from the machine without human assistance

• A machine that provides financial advice

• A machine that dispenses food and beverages

• A machine that prints documents

What type of account allows quick access to funds for transactions?

• Savings account

• Checking account

• Credit account

• Investment account

Which type of bank offers financial services to both consumers and other businesses?

• Credit Union

• Commercial bank

• Savings bank

• Investment bank

What is a contactless payment?

• Payment transactions that require a signature

• Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk

• Payment transactions that require a PIN

• Payment transactions that require cash

What is a Credit Union?

• A for-profit depository business

• A depository institution that offers many banking services and is owned by their customers

• A government-owned financial institution

• A non-profit organization that provides loans

What is a Debit card?

• A card that is electronically connected to the cardholder’s depository institution account

• A card that provides credit for purchases

• A card that is used for identification purposes

• A card that offers rewards points

What is a depository institution?

• A business that provides financial services

• A business that sells goods

• A business that offers legal advice

• A business that provides healthcare services

What is interest?

• The price paid for using someone else’s money

• The fee for opening a bank account

• The cost of a loan application

• The charge for using a credit card

What is an interest rate?

• The percentage rate used to calculate interest

• The fee for a bank transaction

• The cost of a financial consultation

• The charge for a wire transfer

What is mobile banking?

• Apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets, and other mobile devices

• Banking services provided at physical branches

• Banking services provided through mail

• Banking services provided through telephone