Banking Vocabulary Test

What does it mean to 'withdraw money'?

• To put money into a bank account

• To take out cash from a bank account

• To borrow money from the bank

What is a 'money transfer'?

• Sending money from one bank account to another

• Taking out a loan from the bank

• Depositing a check into an account

What is involved in 'opening an account'?

• Setting up a new bank account

• Depositing money into an existing account

• Applying for a loan

What happens when you 'close an account'?

• You stop using online banking

• You permanently shut down a bank account

• You withdraw all your money from the ATM

Which type of account allows you to withdraw money without notice?

• Checking account

• Savings account

• Mortgage account

What is a 'savings account'?

• An account used for everyday spending

• A bank account that earns interest on saved money

• An account with no transaction limits

What is 'interest' in a savings account?

• The amount of money you need to pay back

• The amount of money you earn by keeping your savings in a bank

• The monthly fee charged for account maintenance

What is a 'bank statement'?

• A printed record of the balance in your bank account and recent transactions

• A receipt from an ATM

• A check written by the bank

What does 'balance' refer to?

• The amount of money you owe the bank

• The amount of money currently in your bank account

• The fees the bank charges for services

What is an 'ATM' (Automated Teller Machine)?

• A machine for loan applications

• A machine that allows basic banking activities like withdrawing money

• A place where you exchange foreign currency