Quiz about PF - 2nd Semester Exam - Vocabulary

Question 1

A fee for handling a checking account is called ________.

Accepted Answer

Service Charge

Answer

Interest Payment

Answer

Late Fee

Answer

Annual Fee

Question 2

A bank-issued card that takes money out of your checking account when using it for payment is called ________.

Accepted Answer

Debit Card

Answer

Credit Card

Answer

Gift Card

Answer

Prepaid Card

Question 3

A checking account that typically has a minimum balance and a service charge is called ________.

Accepted Answer

Regular Checking Account

Answer

Free Checking Account

Answer

Money Market Account

Answer

Share Draft

Question 4

A checking account that typically features no minimum balance and no service charge is called ________.

Accepted Answer

Free Checking Account

Answer

Premium Checking Account

Answer

Student Savings Account

Answer

Business Checking Account

Question 5

A checking account held at a credit union is called ________.

Accepted Answer

Share Draft

Answer

Regular Checking Account

Answer

Free Checking Account

Answer

Savings Bond

Question 6

An endorsement consisting only of the signature is called ________.

Accepted Answer

Blank Endorsement

Answer

Full Endorsement

Answer

Restrictive Endorsement

Answer

Conditional Endorsement

Question 7

An endorsement that limits the use of the check to deposit is called ________.

Accepted Answer

Restrictive Endorsement

Answer

Blank Endorsement

Answer

Special Endorsement

Answer

Qualified Endorsement

Question 8

An endorsement that transfers the check to someone else is called ________.

Accepted Answer

Special Endorsement

Answer

Blank Endorsement

Answer

Restrictive Endorsement

Answer

Qualified Endorsement

Question 9

A checking account held by two or more people is called ________.

Accepted Answer

Joint Account

Answer

Individual Account

Answer

Business Account

Answer

Student Account

Question 10

A checking account held by one single owner is called ________.

Accepted Answer

Individual Account

Answer

Joint Account

Answer

Corporate Account

Answer

Trust Account

Question 11

The person to whom the check is written is called the ________.

Accepted Answer

Payee

Answer

Drawer

Answer

Endorser

Answer

Drawee

Question 12

The owner of the checking account and the person who signs the checks is called the ________.

Accepted Answer

Drawer

Answer

Payee

Answer

Endorser

Answer

Drawee

Question 13

The situation of not having enough money in your checking account to cover a payment that was made is called ________.

Accepted Answer

non-sufficient funds

Answer

overdraft protection

Answer

direct deposit

Answer

account reconciliation

Question 14

A separate form on which the checking account owner keeps a record of all deposits and withdrawals from the account is called a ________.

Accepted Answer

check register

Answer

deposit slip

Answer

bank statement

Answer

withdrawal form

Question 15

A form attached to a check on which the checking account owner keeps a record of all deposits and withdrawals from the account is called a ________.

Accepted Answer

check stub

Answer

deposit slip

Answer

endorsement form

Answer

reconciliation sheet

Question 16

A check dated later than the date on which it was written is called a ________.

Accepted Answer

postdated check

Answer

stale check

Answer

bearer check

Answer

blank check

Question 17

A monthly report sent by the bank on the status of your checking account and all activity within the checking account is called a ________.

Accepted Answer

bank statement

Answer

credit card statement

Answer

checkbook

Answer

credit report

Question 18

Fill in the blank: ________ is a statement showing how two balances were brought into agreement.

Accepted Answer

bank reconciliation

Answer

trial balance

Answer

bank statement

Answer

cash flow statement

Question 19

Fill in the blank: ________ are checks that have been written, but have NOT been paid out of your account by your bank yet.

Accepted Answer

outstanding checks

Answer

cancelled checks

Answer

certified checks

Answer

postdated checks

Question 20

Fill in the blank: ________ are deposits that have been made, but have NOT been added to your account yet by the bank.

Accepted Answer

outstanding deposits

Answer

cleared checks

Answer

cleared deposits

Answer

automatic payments

Question 21

Fill in the blank: ________ is a fee charged when a transaction for payment is allowed to go through, even though there is not enough money in account to cover it.

Accepted Answer

overdraft fee

Answer

maintenance fee

Answer

return fee

Answer

late payment fee

Question 22

Fill in the blank: ________ is a fee charged when you do not have enough money in your account to cover a payment, and the payment goes unpaid.

Accepted Answer

return fee

Answer

maintenance fee

Answer

ATM fee

Answer

overdraft protection fee

Question 23

Fill in the blank: ________ is a document used by bank to prove signature of account holder - shows all authorized check signers.

Accepted Answer

signature card

Answer

bank statement

Answer

deposit slip

Answer

check register

Question 24

Fill in the blank: ________ are checks that have been paid by your bank, and deducted from your account.

Accepted Answer

cleared checks

Answer

outstanding checks

Answer

postdated checks

Answer

voided checks

Question 25

Fill in the blank: ________ are deposits made that the bank has added to your checking account during the month.

Accepted Answer

cleared deposits

Answer

outstanding deposits

Answer

service charges

Answer

automatic withdrawals

Question 26

Fill in the blank: ________ are debit card and online payments that the bank has deducted from your account during the month.

Accepted Answer

cleared EFT payments

Answer

pending deposits

Answer

uncleared checks

Answer

outstanding EFT payments

Question 27

Fill in the blank: ________ is the advantage of a checking account that makes it easy to make payments in a variety of ways.

Accepted Answer

Convenience

Answer

Proof of Payment

Answer

Safety

Answer

Record of Finances

Question 28

Fill in the blank: ________ is the advantage of a checking account that is characterized by your money in the account being insured by the FDIC.

Accepted Answer

Safety

Answer

Proof of Payment

Answer

Record of Finances

Answer

Convenience

Question 29

Fill in the blank: ________ is the advantage of a checking account - bank statement shows payments that have been paid out of your account.

Accepted Answer

Proof of Payment

Answer

Record of Finances

Answer

Safety

Answer

Convenience

Question 30

Fill in the blank: ________ is the advantage of a checking account - you can use your check register to keep a record of all acct activity and can track spending for budgeting purposes.

Accepted Answer

Record of Finances

Answer

Convenience

Answer

Safety

Answer

Proof of Payment

Question 31

Fill in the blank: ________ are checks that have NOT been paid by your bank yet.

Accepted Answer

outstanding check

Answer

cancelled check

Answer

certified check

Answer

postdated check

Question 32

Fill in the blank: ________ are deposits that have NOT been added to your account yet by the bank.

Accepted Answer

outstanding deposit

Answer

cleared checks

Answer

bank fees

Answer

reconciled balance

Question 33

Fill in the blank: ________ are checks that have been paid by your bank, and deducted from your account.

Accepted Answer

cancelled check

Answer

outstanding check

Answer

postdated check

Answer

certified check

Question 34

Fill in the blank: ________ is the privilege of using someone else's money for a period of time.

Accepted Answer

Credit

Answer

Deposit

Answer

Interest

Answer

Dividend

Question 35

Fill in the blank: A ______ is anyone who buys on credit or receives a loan.

Accepted Answer

Debtor

Answer

Creditor

Answer

Investor

Answer

Lender

Question 36

Fill in the blank: A ______ is one who sells on credit or makes the loan.

Accepted Answer

Creditor

Answer

Debtor

Answer

Borrower

Answer

Business

Question 37

Fill in the blank: ______ is borrowing a specific amount of money for a specific purpose.

Accepted Answer

Loan

Answer

Sales Credit

Answer

Open-Ended Credit

Answer

Investment

Question 38

Fill in the blank: ______ is charging a purchase at the time you buy the good or service.

Accepted Answer

Sales Credit

Answer

Installment Credit

Answer

Deferred Payment

Answer

Layaway

Question 39

Fill in the blank: ______ is a one time loan for a specific dollar amount, for a specific time period, and with specified payment amounts.

Accepted Answer

Closed-Ended Credit

Answer

Open-Ended Credit

Answer

Revolving Credit

Answer

Credit Card

Question 40

Fill in the blank: ______ is the payment of part of the purchase price up front when receiving a loan.

Accepted Answer

Down Payment

Answer

Interest Rate

Answer

Collateral

Answer

Credit Score

Question 41

Fill in the blank: ______ is a line of credit that requires periodic payments of part or all of the total, and lets you borrow up to a certain amount each month.

Accepted Answer

Open-Ended Credit

Answer

Closed-Ended Credit

Answer

Installment Loan

Answer

Regular Loan

Question 42

Loans are an example (Closed-Ended OR Open-Ended?) Choose the correct answer:

Accepted Answer

Closed-Ended

Answer

Open-Ended

Question 43

Credit Cards are an example (Closed-Ended OR Open-Ended?) Choose the correct answer:

Accepted Answer

Open-Ended

Answer

Closed-Ended

Question 44

Fill in the blank: A ______ is a credit card that can only be used to buy goods/services at the business that issued the card.

Accepted Answer

Single-Purpose Card

Answer

Debit Card

Answer

Prepaid Card

Answer

Multi-Purpose Card

Question 45

Fill in the blank: A ______ is a credit card that can be used at many different stores and businesses for many reasons.

Accepted Answer

Multipurpose Card

Answer

Single Purpose Card

Answer

Gift Card

Answer

Loyalty Card

Question 46

Fill in the blank: ______ is the interest rate charged on credit card balances and dollar amounts borrowed as loans.

Accepted Answer

APR

Answer

GDP

Answer

ROI

Answer

FDIC

Question 47

Fill in the blank: ______ is the flat fee charged each year to use your credit card.

Accepted Answer

Annual Fee

Answer

Interest Rate

Answer

Credit Limit

Answer

Late Payment Fee

Question 48

Fill in the blank: ______ is the amount charged by the credit card company for not paying your payment by the due date.

Accepted Answer

Late Fee

Answer

Annual Fee

Answer

Interest

Answer

Balance Transfer Fee

Question 49

Fill in the blank: ______ is the total dollar cost of credit, including interest and all other charges.

Accepted Answer

Finance Charges

Answer

Principal Amount

Answer

Annual Income

Answer

Net Worth

Question 50

Fill in the blank: ______ is the amount of time given to pay off credit card debt without having to pay interest.

Accepted Answer

Grace Period

Answer

Credit Limit

Answer

Annual Fee

Answer

Minimum Payment

Question 51

Fill in the blank: ______ is the maximum amount of money that can be charged to a credit card.

Accepted Answer

Credit Limit

Answer

Minimum Payment

Answer

Interest Rate

Answer

Billing Cycle

Question 52

Fill in the blank: ______ is the smallest amount of payment required on your credit card bill each month.

Accepted Answer

Minimum Payment

Answer

Credit Limit

Answer

Late Fee

Answer

Annual Fee

Question 53

Fill in the blank: ______ are individuals or businesses who can help verify your credit record.

Accepted Answer

Credit References

Answer

Credit Cards

Answer

Credit Scores

Answer

Credit Reports

Question 54

Fill in the blank: ______ is honesty and willingness to pay debt when it is due.

Accepted Answer

Character

Answer

Capacity

Answer

Capital

Question 55

What is the ability to pay debt when it is due called?

Accepted Answer

Capacity

Answer

Character

Answer

Capital

Question 56

What is the value of borrower's possessions called?

Accepted Answer

Capital

Answer

Capacity

Answer

Character

Question 57

Which of the 3 C's? How long have you been employed by your current employer?

Accepted Answer

Character

Answer

Capacity

Answer

Capital

Question 58

Which of the 3 C's? What is the balance of your Savings Account?

Accepted Answer

Capital

Answer

Character

Answer

Capacity

Question 59

Which of the 3 C's? What other loans do you have right now, and what are your credit card balances currently?

Accepted Answer

Capacity

Answer

Character

Answer

Capital

Question 60

Which of the 3 C's? What do your credit references say about you?

Accepted Answer

Character

Answer

Capacity

Answer

Capital

Question 61

Which of the 3 C's? Do you have a history of paying back your debts on time (based on your credit rating)?

Accepted Answer

Character

Answer

Capacity

Answer

Capital

Question 62

What is a profile of a person's debt and repayment habits called?

Accepted Answer

Credit History

Answer

Net Worth

Answer

Income Statement

Answer

Tax Return

Question 63

What is the amount of your credit limit that is currently being used called?

Accepted Answer

Utilization Rate

Answer

Credit Score

Answer

Minimum Payment

Answer

Interest Rate

Question 64

What is a calculated number that measures how likely you are to pay back a loan on time called?

Accepted Answer

Credit Score

Answer

Interest Rate

Answer

Credit Report

Answer

Credit Reference

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