Banking Basics Quiz

What is a checking account primarily used for?

• Long-term savings

• Daily transactions

• Investing in stocks

• Retirement funds

What is a check?

• A type of loan

• A written order to a bank to pay a specific amount

• A savings account

• A credit card

What does EFT stand for?

• Electronic Funds Transfer

• Emergency Financial Transaction

• Electronic Financial Transfer

• Easy Funds Transfer

Who is the payee in a transaction?

• The person writing the check

• The bank processing the check

• The person receiving the payment

• The person depositing the check

What is the role of a drawer in banking terms?

• The bank processing the check

• The person writing the check

• The person receiving the check

• The person depositing the check

What does check clearing refer to?

• Writing a check

• Depositing a check

• The process of moving a check from the bank it was deposited in to the bank on which it was drawn

• Cancelling a check

What is a deposit slip used for?

• Withdrawing money

• Transferring funds

• Depositing money into a bank account

• Writing a check

What is a direct deposit?

• A manual deposit of cash

• An electronic transfer of funds directly into a bank account

• A deposit made at an ATM

• A deposit made by check

What does ATM stand for?

• Automated Teller Machine

• Automatic Transaction Machine

• Automated Transfer Machine

• Automatic Teller Money

What does PIN stand for in banking?

• Personal Identification Number

• Personal Information Number

• Private Identification Number

• Personal Identity Number

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5