Banking Terms Quiz

What does ATM stand for?

• Automatic Teller Machine

• Automated Transaction Machine

• Automated Teller Money

• Automatic Transaction Machine

What is the definition of Balance in banking terms?

• The amount of money you have in your bank account

• The interest earned on a deposit

• The total amount of transactions in a month

• The fee charged for overdrawing an account

What is a Bank Statement?

• A monthly document prepared by your financial institution which shows all of the transactions related to your account

• A summary of your credit score

• A document showing your loan history

• A receipt for a single transaction

What does CD stand for in banking terms?

• Certificate of Deposit

• Cash Deposit

• Credit Deposit

• Customer Deposit

What is a Debit Card?

• A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check

• A card that allows you to borrow money from the bank

• A card that is used only for online transactions

• A card that is used to deposit money into your account

What does FDIC stand for?

• Federal Deposit Insurance Corporation

• Federal Deposit Investment Corporation

• Federal Deposit Interest Corporation

• Federal Deposit Income Corporation

What is Interest in banking terms?

• A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

• A fee charged for overdrawing an account

• A monthly maintenance fee

• A fee for using an ATM

What is an Overdraft Fee?

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

• A fee for using an ATM

• A fee for transferring money between accounts

• A fee for closing an account

What is Overdraft Coverage?

• A loan banks offer to their customers when they try to withdraw more funds than they have in their account, usually for a fee and with interest

• A fee for using an ATM

• A type of insurance for your bank account

• A service that prevents any overdrafts from occurring

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 payment made at a bank branch

• A payment made using a credit card

• A payment made using a check