Banking Unit Review

To avoid frequent trips to the bank, many people use a(n) ​ (a)  
 to withdraw cash or check their account ​ (b)   .

• ATM
• balance
• deposit
• online bill pay
• direct deposit

A(n) ______ shows all the transactions in your account and is typically sent to you once a month.

• bank statement

• invoice

• receipt

• checkbook

What is an ATM?

• A type of bank account

  (automatic teller money)

• A machine for automated transactions

  (automated teller machine)

• A financial institution

• A type of currency

What is a Balance in banking terms?

• The amount of money in a bank account

• A type of loan offered by banks

• A financial statement

• An interest rate

A ____________ shows all the transactions in your bank account and is typically sent to you once a month.

• bank statement
• monthly report
• account summary
• transaction history

A Bank Statement is:

• a document that summarizes the financial transactions of an account over a specified period.

• a legal document that certifies the ownership of a property.

• a report that provides information about the weather conditions.

• a certificate that confirms the completion of a course.

A Certificate of Deposit (CD) is:

• a type of savings account with a fixed interest rate and fixed date of withdrawal.

• a type of loan offered by banks to individuals.

• an investment in the stock market.

• a government bond with a variable interest rate.

A _________ is a is a written, dated, and signed instrument that instructs a bank to pay a specific sum of money to a designated person or bearer. 

• check
• promissory note
• receipt
• invoice

A Check Register is:

• a record of checks written and deposits made in a checking account

• a type of savings account

• a financial statement showing income and expenses

• a document used to apply for a loan

What is Compound Interest?

• A type of interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan.

• A fixed interest rate applied to the principal amount only.

• An interest rate that changes based on the market conditions.

• An interest rate applied only to the principal amount without considering previous interest.