Understanding the Banking System

Which of the following is a type of bank account?

• Checking Account

• Credit Card

• Loan

• Mortgage

Match the following types of accounts with their descriptions: Savings Account, Certificate of Deposit (CD), Money Market Savings Account.

• A

• Fixed interest rate for a specified term

• C

• Offers higher interest rates with limited transactions

• B

• Allows frequent deposits and withdrawals.

A (a)   account allows you to write checks and make payments directly from the account.

• Savings

• Checking

• Certificate of Deposit

• Money Market

ATM and Debit Cards are used for:

• Depositing money

• Withdrawing cash

• Applying for loans

• Opening new accounts.

What is one key difference between debit cards and credit cards?

• Debit cards allow you to borrow money from the bank.

• Credit cards require you to have money in your account.

• Debit cards require you to have money in your account.

• Credit cards do not have a spending limit.

Match the following terms with their definitions:

• Methods to withdraw or use funds from your bank account.

• Accessing Your Money

• The act of signing the back of a check to approve it for deposit or cashing.

• Endorsement

• A document used to deposit money into a bank account.

• Deposit Slip

• The process of filling out a check to make a payment.

• Writing Checks

When depositing money, you need to fill out a (a)   . A) Check B) Deposit Slip C) Endorsement D) Credit Card

• Check

• Deposit Slip

• Endorsement

• Credit Card

A check consists of several parts, including the date, payee, and (a)   .

• Signature

• Credit Limit

• Interest Rate

• PIN

Which of the following is a key aspect of Bank Reconciliation?

• A) Matching transactions

• B) Calculating interest

• C) Opening a new account

• D) Closing an account.

Online and Mobile Banking offers greater (a)   compared to Traditional Banking.

• Inconvenience

• Convenience

• Complexity

• Cost