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Banking Terms: A-L

Authored by Mr Massey

Financial Education

9th Grade

Used 5+ times

Banking Terms: A-L
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement best describes the 50-20-30 Rule?

50% to savings, 20% to debt, 30% to necessities

50% to necessities, 20% to saving and debt repayment, 30% to flexible spending

50% to flexible spending, 20% to necessities, 30% to savings

50% to investing, 20% to taxes, 30% to savings

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does an ATM primarily allow a bank account holder to do?

Borrow money without interest

Manage account funds such as withdrawing or depositing and viewing balances

Open new credit lines

Order checks and deposit slips only

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Balance is defined as:

Total money you owe to the bank

The amount of money you have in your bank account

The maximum you can withdraw per day

Money available after taxes only

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document shows all transactions related to your account for the month?

Check register

Bank statement

Deposit slip

Canceled check

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Certificate of Deposit (CD) is best described as:

A form you fill out to credit money to your account

A lump-sum deposit that earns interest and is untouched for a predetermined period

A record of checks written and ATM transactions

A business that exchanges checks for cash for a fee

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to a check that has been paid or cleared by the bank and will appear on your bank statement?

Postdated check

Canceled check

Certified check

Bounced check

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of a check register?

To order new checks from the bank

To keep track of checks written, card transactions, deposits, and withdrawals

To apply for a loan

To verify your identity at a check cashing store

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