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Checks and Balances Vocabulary

Total questions: 13

Worksheet time: 7mins

Name
Class
Date
1.

What is a withdrawal?

a)

Expenses that do not change from month to month

b)

money set aside for the future

c)

an act of taking money out of an account

d)

money received, usually from a job, business, or assets

2.

What is a deposit?

a)

a sum of money placed or kept in a bank account

b)

the money paid for employee services

c)

Used to make purchases with funds directly from a checking account

d)

The amount paid to a worker for the service he or she provides which may vary

3.

What is an overdraft protection/fee?

a)

to put money into an account

b)

A bank service that covers checks even if you have insufficient funds in your checking account

c)

money provided by the federal government for students to use to fund their education

d)

fees charged by a bank for services, such as ATM withdrawal and checking account maintenance

4.

What does insufficient funds mean?

a)

You have a new deposit

b)

Your bank will cover it, but you will owe them a fee

c)

You have free money added to your account

d)

You do not have enough money in your bank account to cover a transaction

5.

What is a balance?

a)

The difference between your savings and checking account

b)

the amount of money held in a bank account at a given moment

c)

It's like a deposit

d)

Money taken out of a bank account

6.

Checking Account

a)

An account that gains interest in which you can access with a credit card

b)

organizations that supply information about consumers' credit history

c)

fees charged by a bank for services, such as ATM withdrawal and checking account maintenance

d)

Account where money can be withdrawn with checks or a debit card

7.

What is a check?

a)

It is how you see how much money you have in your account.

b)

An online only option to pay bills

c)

An order to pay another person an amount of money from your account

d)

It looks like a v but is longer on one end

8.

What is a Savings Account?

a)

An account you can freely withdraw from whenever you want.

b)

An interest-bearing account where people put money for future use

c)

An account you can't take your money out for a year or more

d)

An account you can use your debit card to make purchases

9.

How is a check register used?

a)

to record deposits to and withdrawals from a checking account

b)

Helps me see my credit card balance

c)

It gives you interest when you save your money

d)

A fee charged by your bank.

10.

What is a banking transaction

a)

Any act with a bank, including deposits, withdrawals, debit card usage, or check writing

b)

When the bank charges you high fees when you overdraft

11.

When does a debit occure?

a)

When the bank charges you a fee

b)

When you use your debit card at the store

c)

Anytime you withdraw money from your account

d)

When you deposit money

12.

What is a debit card purchase?

a)

When you use your debit card at a store and the money comes out of your checking account.

b)

When you use your debit card and money is debited from your credit account.

c)

When you swipe your debit card and money is taken from your savings account.

d)

When you do not have enough money.

13.

What is a credit card?

a)

It debits money from your checking account

b)

a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit

c)

A card that debits money from your savings account.

d)

Something you should never get, because they ruin your credit.