WorksheetsChapter 10 - Banking
Total questions: 22
Worksheet time: 24mins
This is an account that a depositor uses where the bank pays you interest (low amount) for letting it use your money
(a)
Bank
A financial institution where you may deposit money.
Interest
A fee paid for the opportunity to use someone else's money over a period of time.
Deposit Insurance
Insurance that protects your account when a bank fails.
Electronic Funds Transfer (EFT)
The movement of funds by electronic means
Telephone Banking
Access your account by phone
Loan is a lending of money that borrowers pay the bank interest (high amount) for money needed, allowing bank to make a profit.
True
False
Financial Services Modernization Act (1978) allowed financial institutions to consolidate the financial services they offer, which transformed the banking industry.
True
False
Match the following Financial Institutions
Commercial Banks
is owned by shareholders and operated for their profit.
Mutual Savings Banks
state-chartered & are operated by trustees for the benefit of depositors
Savings and Loan
originally specialized in providing funds to home buyers, but now provide a variety of services
Internet-Only Banks
is not maintaining a branch office or employees, therefore passing the savings to customers.
Credit Unions
nonprofit and owned by its members of a certain group.
A document from the federal or state government that grants them the right to operate within certain legal limitations.
(a)
This is a federal agency that insures savings, checking, and other deposit accounts in most commercial banks, saving banks, and saving associations.
(a)
A type of deposit insurance for credit unions.
(a)
A computer terminal that gives bank customers electronic access to their account at any time through the use of a specially coded card.
(a)
A secret code that protects the security of your account
(a)
Match the following
Point-of-sale transaction
A paying for an item by making an electronic funds transfer at the place of purchase
Online Transaction
Payment that requires you to enter PIN into keypad to process
Offline Transaction
Payment that requires you to sign to process
Overdraft Protection
Bank will transfer fund prior to overdraft
Cards sold in specified dollar amounts that can be purchased for products or services.
(a)
A financial transaction that electronically moves funds from one bank to another. (Service fees for sending, receiving or both)
(a)
These are documents that function as cash but can be replaced if lost or stolen.
(a)
How many times must a Traveler's Check be signed by the owner?
(a)
International Postal Money Order
This money order can be sent and cashed outside the U.S. (a higher fee is charged)
Domestic Postal Money Order
This money order can be cashed at post offices and banks in the U.S. (a fixed fee is charged)
Postal Money Order
This is a check issued and backed by the U.S. Postal Service
Cashier's Check
check issued and guaranteed by a bank, by using a bank check that is addressed to the payee
Certified Check
check from a personal checking account that has been stamped by the bank
Checks that were received by the bank after the closing date of your statement
(a)
To bring the bank statement and your own record of transactions into agreement
(a)
Restrictive Endorsement
An endorsement that you write "For deposit only" above name & it can only be deposited in your acct.
Special Endorsement
An endorsement that limits payment to a particular payee
Blank Endorsement
An endorsement where only endorsers name is placed on the back
A signature that entitles the payee to either receives payment or transfers it to someone else.
(a)
Check
written order that instructs a bank to pay a specific amount of money to a particular person
Payee
The one to whom a check is made out to
Canceled Check
A check that is stamped and perforated to show that it's been paid.
Overdraft (Bounce)
is a lack of sufficient funds to cover the full amount of a check, marked "NOT SUFFICIENT FUNDS"
Deposit Slip
A form that is used to put money into an account
Bank will transfer fund prior to overdraft
(a)
