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Banking Basics Quiz

Authored by Amy Josey

Mathematics

12th Grade

CCSS covered

Used 1+ times

Banking Basics Quiz
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100 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a checking account primarily used for?

Long-term savings

Daily transactions

Investing in stocks

Retirement funds

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does EFT stand for?

Electronic Funds Transfer

Emergency Financial Transaction

Electronic Financial Transfer

Easy Funds Transfer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a deposit slip used for?

Withdrawing money

Transferring funds

Depositing money into a bank account

Writing a check

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