Banking and Payments Quiz

What does ACH stand for in the context of payments and transfers?

• Automated Cash Handling

• Automated Clearing House

• Automatic Check Handling

• Automated Credit House

What is an automatic payment?

• A one-time payment from savings

• A routine withdrawal from checking

• A deposit made by employer

• A fee for using an ATM

What does the term 'balance' refer to in banking?

• The amount you owe

• The amount available in your account

• The total of all deposits

• The total of all withdrawals

What is a check register or ledger used for?

• To apply for loans

• To keep record of all transactions in a checking account

• To calculate interest

• To deposit checks

What is a deposit?

• An amount subtracted from the balance

• An amount added to the balance

• A fee for account maintenance

• A type of loan

What is a direct deposit?

• A manual deposit at a bank

• An automatic addition to the balance from an employer

• A withdrawal for a bill payment

• A fee for using a credit card

What does EFT stand for?

• Electronic Fund Transfer

• Electronic Financial Transaction

• Easy Fund Transfer

• Electronic Fee Transfer

What are recurring charges?

• One-time fees for services

• Fees that occur routinely such as ATM charges

• Charges for overdrafts

• Interest on loans

What is a service fee?

• A fee for opening an account

• A bank charge for a specific reason deducted from the register

• A fee for using a debit card

• A fee for depositing checks

What is a withdrawal?

• An amount added to the balance

• An amount subtracted from the balance

• A fee for using an ATM

• A type of deposit