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WorksheetsBanking Chapter 5: Deposits in Banks
Total questions: 12
Worksheet time: 6mins
The price paid for the use of money
principal
interest
APR
APY
Effective rate of interest when compounding is factored in.
annual percentage rate
annual percentage yield
annual percentage return
Savings account earning a competitive interest rate from invested deposits with check writing privileges.
certificate of deposit
passbook savings account
statement savings account
Money Market Deposit Account
Deposit held for or maturing at a specified time
time deposit
transaction account
demand deposit account
Account that allows transactions to occur at any time in any number
money market deposit account
time deposit
transaction account
Deposit payable on demand whenever the depositor chooses
demand deposit
certificate of deposit
time deposit
Savings instrument with fixed interest rate and fixed maturity date
Asset management account
Express checking
passbook savings account
certificate of deposit
Return calculated by adding interest to principal for next interval.
simple interest
compound interest
APR
APY
Nominal rate on which interest is calculated per year.
APR
APY
compound interest
A transaction made between banks
transaction account
governing documents
interbank transaction
statement savings account
Account-specific documents outlining the legal rights and responsibilities of both the bank and the account holder.
governing documents
interbank transaction
time deposit
Check 21
A check that is dated six months or more before it is presented for payment or deposit
Check 21
post-dated check
stale check
insufficient fund check
