Basic Banking and Financial Terms

What is a debit card?

• A card that allows you to spend money by drawing on funds you have deposited at the bank.

• A card that allows you to borrow money up to a certain limit.

• A card used exclusively for online purchases.

• A card that earns you rewards points for every purchase.

What do you need along with a debit card to access your account electronically?

• PIN (Personal Identification Number)

• Passport

• Driver's License

• Social Security Number

What service allows you to pay for purchases at stores using a debit card?

• PayPal

• Venmo

• Apple Pay

• Google Wallet

True or False: With a debit card, you need to carry cash when you shop.

• True

• False

A Chequing account is:

• A type of savings account

• A type of investment account

• A type of bank account for daily transactions

• A type of retirement account

A Savings Account is used for:

• investing in stocks

• saving money with interest

• paying off loans

• purchasing real estate

What does ATM/ABM stand for?

• ATM stands for Automated Teller Machine and ABM stands for Automated Banking Machine.

• ATM stands for Automatic Transaction Machine and ABM stands for Automatic Banking Machine.

• ATM stands for Automated Transaction Machine and ABM stands for Automated Business Machine.

• ATM stands for Automatic Teller Machine and ABM stands for Automatic Business Machine.

A PIN (Personal Identification Number) is:

• a type of password used for authentication.

• a type of credit card.

• a type of bank account.

• a type of identification card.

What is a Deposit in banking terms?

• A type of loan given by the bank

• A sum of money placed in a bank account

• A financial penalty for late payments

• A service fee charged by the bank

What does it mean to Withdraw in banking?

• To deposit money into a bank account

• To transfer money between accounts

• To remove money from a bank account

• To check the balance of a bank account