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Banking & Credit Vocab Personal Finance 17-18

Total questions: 72

Worksheet time: 54mins

Name
Class
Date
1.
Federal Funds Rate
a)
The yearly cost of a loan or revolving credit 
b)
A bank account that typically pays a higher interest rate than a savings account but has limited accessibility
c)
The interest rate that the Federal Reserve charges commercial banks to borrow money 
d)
An interest rate that does not change during the life of a loan
2.
Liquidation
a)
When a person’s assets are sold in bankruptcy to repay that person’s debts
b)
A loan that is not backed by any form of collateral
c)
The ease with which assets can be converted into cash
d)
A legal proceeding involving a person or business that is unable to repay outstanding debts
3.
Unsecured Loan
a)
A loan that is signed by more than one person
b)
A loan that is not backed by any form of collateral
c)
Property that a borrower provides to a lender to secure a loan
d)
A loan for a fixed amount of money that is paid off in equal payments
4.

Liquidity

a)

The value or worth of what you owe

b)

Property that a borrower provides to a lender to secure a loan

c)

When a person’s assets are sold in bankruptcy to repay that person’s debts

d)

The ease with which assets can be converted into cash

5.
Insures deposits of up to $250,000
a)
FICA
b)
FDIC
c)
NCUA
d)
FAFSA
6.
An individual with whom you share a credit account or loan; this individual is responsible for paying the debt on the same terms you are
a)
Co-Signer
b)
Savings Account Holder
c)
Joint Account Holder
d)
Co-Borrower
7.
A bank account that typically pays a higher interest rate than a savings account but has limited accessibility
a)
Individual Retirement Account
b)
Checking Account
c)
Health Savings Account
d)
Money Market Account
8.
Insures savings in most credit unions
a)
NCIS
b)
FDIC
c)
FAFSA
d)
NCUA
9.
A bank account that earns interest
a)
Savings
b)
Checking
c)
Joint
d)
Secured
10.
A loan that is backed by the borrower’s property (collateral) in order to reduce the risk that the borrower will fail to repay the loan
a)
Consolidation Loan
b)
Secured Loan
c)
Co-Signed Loan
d)
Unsecured Loan
11.
Balance Owed
a)
The total amount of money due to a lender or credit card company
b)
The maximum amount that a credit card holder can charge on his or her credit card
c)
A fee charged for the use of credit
d)
When assets are converted into cash
12.
Bankruptcy
a)
When a person’s assets are sold in bankruptcy to repay that person’s debts
b)
The failure to repay a loan
c)
When a bank or mortgage lender seizes a house and sells it
d)
A legal proceeding involving a person or business that is unable to repay outstanding debts
13.
Collateral
a)
A loan that is backed by the borrower’s property 
b)
Property that a borrower provides to a lender to secure a loan
c)
The ability to buy something now and pay for it later
d)
When a person’s assets are sold in bankruptcy 
14.
Consolidation Loan
a)
A loan that combines two or more loans into a single loan. 
b)
A loan that is signed by more than one person
c)
A loan for a fixed amount of money that is paid off in equal monthly payments 
d)
A loan that allows a homeowner to borrow against the share of ownership 
15.
Co-signed Loan
a)
An individual who signs a credit agreement to serve as your “back-up” 
b)
An individual with whom you share a credit account or loan
c)
A loan that is not backed by any form of collateral
d)
A loan that is signed by more than one person, both of whom promise to repay the loan
16.
Credit
a)
A record of a borrower’s ability to repay debts
b)
A loan that is backed by the borrower’s property 
c)
The ability to buy something now and pay for it later
d)
Total amount of money due to a lender or credit card company
17.
An individual who signs a credit agreement to serve as your “back-up;” this individual will be required to make payments on the loan if you are unable to pay
a)
Joint Account Holder
b)
Co-Borrower
c)
Back-up Account Holder
d)
Co-Signer
18.
The maximum amount that a credit card holder can charge on his or her credit card.
a)
Maximum Payment
b)
Credit Rating
c)
Credit Limit
d)
Minimum Balance
19.
A business that compiles and maintains information about the borrowing experience of individuals and businesses
a)
Credit Union
b)
Credit Reporting Agency
c)
Department of Treasury
d)
Internal Revenue Service
20.
A number between 300 and 850 that is used by lenders to determine the likelihood that a person will repay his or her debts.  The higher the number, the more creditworthy the person is deemed to be.
a)
Credit Rating
b)
Credit Report
c)
Credit Score
d)
Credit Limit
21.
A detailed report of a borrower’s credit history.  Used by lenders to determine a loan applicant’s credit worthiness
a)
Credit Report
b)
Credit Rating
c)
Credit Score
d)
Credit History
22.
A fee charged for the use of credit.  Can be a flat fee or a percentage of the amount of money that is borrowed
a)
Finance Fee
b)
Credit Score
c)
Credit Rating
d)
Finance Charge
23.
Credit History
a)
Borrowing experience of individuals and businesses
b)
An assessment of the credit worthiness of a borrower
c)
A record of a borrower’s ability to repay debts
d)
A detailed report of a borrower’s credit history
24.
Credit Rating
a)
An assessment of the credit worthiness of a borrower
b)
A record of a borrower’s ability to repay debts
c)
A fee charged for the use of credit. 
d)
An interest rate that does not change during the life of a loan
25.
Default
a)
A loan for a fixed amount of money
b)
The failure to repay a loan
c)
A loan that allows a homeowner to borrow
d)
To pay off a loan before payment is due
26.
Fixed Interest Rate
a)
A fee charged for the use of credit
b)
A loan for a fixed amount of money
c)
An interest rate that does not change during the life of a loan
d)
The amount of money paid over the life of the loan
27.
Lien
a)
When a bank or mortgage lender seizes a house 
b)
A revolving credit arrangement
c)
The smallest amount of a credit card bill that the card holder must pay every month
d)
The legal right of a lender to sell a borrower’s collateral if the borrower cannot repay a loan
28.
Foreclosure
a)
The legal right of a lender to sell a borrower’s collateral if the borrower cannot repay a loan
b)
When a bank or mortgage lender seizes a house and sells it because the homeowner cannot pay the mortgage loan
c)
The failure to repay a loan
d)
Property that a borrower provides to a lender to secure a loan
29.
The period of time between the date of a credit card purchase and the date that a payment is due on the credit card bill
a)
Grace Period
b)
Payment Due Date
c)
Promotional Date
d)
Finance Period
30.
A loan that allows a homeowner to borrow against the share of ownership that he or she has in her home
a)
Installment Loan
b)
Co-Signed Loan
c)
Home Equity Loan
d)
Consolidation Loan
31.
A loan for a fixed amount of money that is paid off in equal monthly payments over a set period of time
a)
Home Equity Loan
b)
Secured Loan
c)
Consolidation Loan
d)
Installment Loan
32.
The amount of money paid over the life of the loan when borrowing the principal; also the amount of money you earn as a return on your savings account
a)
Interest
b)
Percentage Rate
c)
Installment
d)
Rate of Return
33.
A revolving credit arrangement where a bank allows someone to borrow up to a maximum limit and repay that amount over time
a)
Credit Limit
b)
Minimum Payment
c)
Balance Owed
d)
Line of Credit
34.
The coverage protects lenders against default by the borrower; if a borrower stops paying on a mortgage, the insurance company ensures that the lender will be paid in full
a)
Co-Signer Insurance
b)
Home Equity Insurance
c)
Mortgage Insurance
d)
Rental Insurance
35.
Minimum Payment
a)
The smallest amount of a credit card bill that the card holder must pay every month
b)
To pay off a loan before its due date or before the term of the loan expires
c)
The original sum of money that you borrow 
d)
The maximum amount that a credit card holder can charge on his or her credit card.
36.
Mortgage
a)
When a bank or other lender takes property purchased by a borrower 
b)
A legal document that shows ownership of property
c)
The coverage protects lenders against default by the borrower
d)
A loan used to purchase a house or other property, where the house is collateral for the loan
37.
Predatory Lending
a)
When a bank or other lender takes property purchased by a borrower who cannot repay the loan for that property
b)
Lending money at an interest rate that is illegally high
c)
Dishonest actions taken by a lender to entice a borrower into a loan with high fees and high interest rate
d)
A loan used to purchase a house or other property, where the house is collateral for the loan
38.
Prepayment
a)
The smallest amount of a credit card bill that the card holder must pay every month
b)
To pay off a loan before its due date or before the term of the loan expires
c)
The ability to buy something now and pay for it later
d)
The total amount of money due to a lender or credit card company
39.
Promotional Rate
a)
A low rate of interest, usually used to entice a person to sign up for a credit card
b)
An interest rate that changes during the life of a loan. 
c)
An interest rate that does not change during the life of a loan
d)
Lending money at an interest rate that is illegally high
40.
Title
a)
A detailed report of a borrower’s credit history
b)
Property owned that is worth value
c)
A legal document that shows ownership of property
d)
A record of a borrower’s ability to repay debts
41.
The original sum of money that you borrow
a)
Prepayment
b)
Loan
c)
Balance Owed
d)
Principal
42.
When a bank or other lender takes property purchased by a borrower who cannot repay his or her loan for that property
a)
Usury
b)
Repossession
c)
Predatory Lending
d)
Foreclosure
43.
The original sum of money that you borrow
a)
Principal
b)
Installment
c)
Revolving Credit
d)
Prepayment
44.
Lending money at an interest rate that is illegally high
a)
Promotional Rate
b)
Fixed Interest Rate
c)
Predatory Lending
d)
Usury
45.
A federal law that requires lenders to tell borrowers important information about a loan, such as the interest rate, the term of the loan, and the total cost of the loan to the borrower
a)
Uniform Transfers to Minors 
b)
Truth and Lending Act
c)
Uniform Gifts to Minors Act 
d)
Federal Insurance Contributions Act 
46.
An interest rate that changes during the life of a loan; can go up or down
a)
Promotional Rate
b)
Credit Rating
c)
Variable Interest Rate
d)
Fixed Interest Rate
47.
A sense of regret after making a purchase
a)
Impulse Buying
b)
Buyer's Remorse
c)
Guilt Purchases
d)
Impulse Purchase
48.
An unplanned decision to buy a product or service
a)
Impulse Buying
b)
Impulse Shopper
c)
Buyer's Remorse
d)
Buyer's Impulse
49.
A company that collects credit rating information on individuals and makes it available to credit card companies and financial institutions
a)
Credit Reporting Agency
b)
Lending Bureau
c)
Credit Bureau
d)
Truth and Lending Agency
50.
“Straight bankruptcy” or “liquidation bankruptcy,” the person filing forfeits assets and the assets are sold and the money is used to repay as much debt as possible.
a)
Chapter 13
b)
Chapter 7
c)
Chapter 11
d)
Chapter 12
51.
“Business Reorganization,” businesses have the ability to remain in operation if their reorganization plan is approved by the courts; the business pays creditors over time
a)
Chapter 7
b)
Chapter 9
c)
Chapter 13
d)
Chapter 11
52.
“Individual Debt Adjustment,” instead of losing assets, individuals with regular income follow a Court Ordered repayment plan to pay back as much debt as possible over a 3-5 year period
a)
Chapter 9
b)
Chapter 13
c)
Chapter 11
d)
Chapter 7
53.

Depositing money into the bank with the expectation that you will be depositing and withdrawing money from the account often

a)

Checking Account

b)

Savings Account

c)

Drafting Account

d)

Overdraft Account

54.

Unique number assigned to an individual to show ownership of an account; the number is listed on the bottom of the checks from that account

a)

Routing Number

b)

Account Number

c)

Personal Identification Number

d)

Check Number

55.

Contains nine numbers and is always found near the bottom left corner of a check, identifies what bank the check came from

a)

Travelling Number

b)

Account Number

c)

Routing Number

d)

Check Number

56.

A check that cannot be processed because the account holder has insufficient funds; also known as rubber checks

a)

Rebound Check

b)

Insufficient Check

c)

Bounced Check

d)

Non sufficient Check

57.

A number used to keep track of checks written, the number is located on the top right of the check and usually the last few digits on the bottom of the check

a)

Account Number

b)

Routing Number

c)

Personal Identification Number

d)

Check Number

58.

Signing the back of a check made payable to you in order to cash it, deposit it, or sign it over to someone else

a)

Endorse

b)

Pay to the Order

c)

Authorized Signature

d)

Payee Authorization

59.

A machine that allows customers to make deposits, withdraw cash, or other bank transactions that you would normally do through a bank teller

a)

BTT - (Bank Teller Terminal)

b)

ATM – (Automated Teller Machine)

c)

EFT - (Electronic Funds Transfer)

d)

ABM - (Automated Banking Machine)

60.

Summary of financial transactions which have occurred over a given period on a bank account

a)

Earnings Statement

b)

Transaction Statement

c)

Bank Statement

d)

Financial Statement

61.

Allows a stated payee to receive cash on demand; functions like a check; issued by government and financial institutions, or some businesses

a)

Cashier's Check

b)

Gift Certificate

c)

Wire Transfer

d)

Money Order

62.

A check that is generated by the bank where money is pulled immediately from your account and the check is signed by the bank

a)

Money Order

b)

Electronic Transfer

c)

Cashier's Check

d)

Promissory Note

63.

Numeric code used in many electronic financial transactions when using bank debit or credit cards

a)

BIN

b)

ATM

c)

NSF

d)

PIN

64.

Criminal act which involves the unlawful use of checks to illegally acquire or borrow funds that do not exist

a)

Insufficient Funds

b)

Check Fraud

c)

Identity Theft

d)

Check Theft

65.

Deposit of electronic funds directly into a bank account instead of a paper check

a)

Electronic Transfer

b)

Direct Transfer

c)

Direct Deposit

d)

Electronic Deposit

66.

Not having enough money in an account when an item is purchased with a debit card or check; also known as NSF

a)

Insufficient Funds

b)

Not Enough Funds

c)

Check Fraud

d)

Overdraft Fee

67.

A line of credit that banks offer to their customers; kicks in when a customer writes a check or makes a transaction for more than the amount in their account

a)

Overdraft Fee

b)

Revolving Credit

c)

Insufficient Funds Credit

d)

Overdraft Protection

68.

The issuer promises in writing to pay a determined sum of money to a payee on demand or a future date

a)

Promissory Note

b)

Cashier's Check

c)

Promissory Check

d)

Money Order

69.

Comparing two sets of financial records to make sure they are in agreement with no errors, usually your bank statement and check register

a)

Comparison shopping

b)

Reconcile

c)

Buying Power

d)

Settling Statements

70.

Central bank of the United States that provides the nation with a safe, flexible, and stable monetary and financial system

a)

United States Mint

b)

Department of Treasury

c)

Federal Reserve Bank

d)

Internal Revenue Service

71.

Cash Advance

a)

The maximum amount that a credit card holder can charge on his or her credit card.

b)

When a person's assets are sold in bankruptcy

c)

Assets converted to cash

d)

A service provided by credit card issuers that allows a cardholder to withdraw cash from an ATM or bank

72.

Certificate of Deposit (CD):

a)

A store certificate that has a cash value

b)

A loan that is backed by the borrower’s property

c)

A savings certificate with a fixed maturity date and interest rate

d)

An interest rate that changes during the life of a loan

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