Unit 3 Vocab Review

A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time is:

• Money Market Account

• Certificate of Deposit

• Savings Account

• Certificate of Deposition

The government agency that insures customer deposits if a bank fails up to $250,000 per individual depositor is:

• National Credit Union Administration (NCUA)

• Health Savings Account (HSA)

• Federal Deposit Insurance Corporation (FDIC)

• Securities and Exchange Commission (SEC)

Which government agency provides insurance for customer deposits in banks up to $250,000 per individual depositor?

• National Credit Union Administration (NCUA)

• Health Savings Account (HSA)

• Federal Deposit Insurance Corporation (FDIC)

• Securities and Exchange Commission (SEC)

The U.S. administration insuring deposits in U.S.credit unions against credit union failure up to $250,000 per individual depositor:

• Federal Deposit Insurance Corporation (FDIC)

• Health Savings Account (HSA)

• National Credit Union Administration (NCUA)

• Securities and Exchange Commission (SEC)

A type of savings account, typically offering higher interest rates, that is managed entirely online with no physical bank branch

• Money Market Account

• Online Savings Account

• Traditional Savings Account

• Certificate of Deposit

An electronic communication that moves funds from an account in one bank to an account in a different bank instantly is:

• ACH Processing

• Wire Payment

• Wire Transfer

• Adjustable-Rate Mortgage (ARM)

The amount of money you have in your bank account:

• Deposit

• Balance

• Debit

• Withdrawl

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

• Check Register

• Online Account Access

• Bank Statement

• Banking Notification

A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee

• Check Register

• Check

• Canceled check

• Checking Account

A check that has been paid or cleared by the bank. It will appear on your bank statemen is:

• Canceled check

• Check

• Checking Account

• Check Register