Banking and Financial Terms Vocabulary

Ava and William are at the bank. Ava challenges William to a race: who can withdraw cash faster using the special machine there? What does ATM stand for?

• automatic teller machine

• advanced transfer method

• automated ticket machine

• account transaction module

Jackson checks his bank account to see how much money he has after making a deposit. What is the definition of Balance?

• amount of money in your bank account

• a type of bank card

• the interest rate on a loan

• a password for online banking

Mia, Rohan, and Harper are curious about how much money they've spent and saved last month. Mia receives a special document from her bank that shows every deposit, withdrawal, and payment she made. What is this helpful document called?

• monthly document that shows all of your account transactions

• a document that lists only your loan payments

• a receipt for a single purchase

• a letter from the bank about interest rates

Abigail, Kai, and Mason are on a mission to save up for a fun group adventure! They visit their local bank, and the banker suggests an account where they can earn interest on a lump-sum deposit for a set period of time. What is this type of account called?

• earns interest on a lump-sum deposit for a period of time

• is a type of credit card with no interest

• is a form of insurance for lost property

• is a loan that must be repaid monthly

Samuel and Maya were talking about paying rent. Samuel said he wrote a check, and later saw that his bank marked it as 'canceled.' Maya was curious—what does it mean when a check is canceled?

• this has been paid and cleared by the bank

• this is a check that has not been signed

• this is a check that is post-dated

• this is a check that has been lost

Charlotte wants to pay her rent, so she writes a special document to her bank, telling them to send a certain amount of money to her landlord. What is the official name for the kind of document Charlotte used?

• written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee

• a document that allows you to withdraw money from an ATM without a card

• an agreement between two parties to exchange goods

• a receipt given by a store after a purchase

Scarlett, Benjamin, and Abigail are teaming up to organize their finances for a school project! They want to keep all their check registers, checks, deposit slips, receipts, and other records in one safe spot. What item should they use to keep everything together?

• holds your check register, checks, deposit slips, receipts, and other records

• a document used to withdraw cash from an ATM

• a card used for online purchases only

• a type of loan agreement

Anika and her friend Ethan just got their paychecks and need cash fast for a weekend adventure. They visit a place that cashes their checks and gives them the money right away, but charges a fee for the service. What type of business did Anika and Ethan visit?

• A business that cashes checks and gives you the money in exchange for a fee for the service

• A store that only sells checkbooks and pens

• A bank that offers only savings accounts

• A business that provides loans without any identification

Avery, Abigail, and Sophia are on a mission to become money management experts! They want to keep track of every dollar they spend and save. To do this, they use a special tool to record all their written checks, card transactions, deposits, and withdrawals. What is this tool called?

• A record that allows you to keep track of written checks, card transactions, deposits and withdrawals

• A type of bank account used for saving money

• A document used to apply for a loan

• A form used to report income taxes

Jackson and Benjamin both open savings accounts at the same bank. Every time they earn interest, the bank adds it back into their principal, so their money grows even faster! What is this awesome process called?

• Reinvesting earned interest back into the principal

• Paying interest only on the original amount

• Interest that decreases over time

• A fee charged for late payments