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Worksheets

Unit 3 Vocab Review

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time is:

a)

Money Market Account

b)

Certificate of Deposit

c)

Savings Account

d)

Certificate of Deposition

2.

The government agency that insures customer deposits if a bank fails up to $250,000 per individual depositor is:

a)

National Credit Union Administration (NCUA)

b)

Health Savings Account (HSA)

c)

Federal Deposit Insurance Corporation (FDIC)

d)

Securities and Exchange Commission (SEC)

3.

Which government agency provides insurance for customer deposits in banks up to $250,000 per individual depositor?

a)

National Credit Union Administration (NCUA)

b)

Health Savings Account (HSA)

c)

Federal Deposit Insurance Corporation (FDIC)

d)

Securities and Exchange Commission (SEC)

4.

The U.S. administration insuring deposits in U.S.credit unions against credit union failure up to $250,000 per individual depositor:

a)

Federal Deposit Insurance Corporation (FDIC)

b)

Health Savings Account (HSA)

c)

National Credit Union Administration (NCUA)

d)

Securities and Exchange Commission (SEC)

5.

A type of savings account, typically offering higher interest rates, that is managed entirely online with no physical bank branch

a)

Money Market Account

b)

Online Savings Account

c)

Traditional Savings Account

d)

Certificate of Deposit

6.

An electronic communication that moves funds from an account in one bank to an account in a different bank instantly is:

a)

ACH Processing

b)

Wire Payment

c)

Wire Transfer

d)

Adjustable-Rate Mortgage (ARM)

7.

The amount of money you have in your bank account:

a)

Deposit

b)

Balance

c)

Debit

d)

Withdrawl

8.

A monthly document prepared by your financial institution which shows all of the transactions related to your account is:

a)

Check Register

b)

Online Account Access

c)

Bank Statement

d)

Banking Notification

9.

A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee

a)

Check Register

b)

Check

c)

Canceled check

d)

Checking Account

10.

A check that has been paid or cleared by the bank. It will appear on your bank statemen is:

a)

Canceled check

b)

Check

c)

Checking Account

d)

Check Register

11.

A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals

a)

Check Register

b)

Canceled Check

c)

Checking Account

d)

Check

12.

A sum of money deposited INTO an account:

a)

Credit

b)

Deposit

c)

Debit

d)

Withdrawal

13.

A sum of money deducted FROM your account:

a)

Credit

b)

Deposit

c)

Debit

d)

Withdrawal

14.

A card that allows the holder to make purchases without cash by borrowing money

a)

Credit Card

b)

Debit Card

c)

Credit

d)

Debit

15.

A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check

a)

Credit Card

b)

Debit Card

c)

Credit

d)

Debit

16.

Money you put into your account:

a)

Deposit

b)

Debit

c)

Direct Deposit

d)

Debit Card

17.

A form you fill out to credit money to your account when you make a deposit:

a)

Deposit Slip

b)

Deposit Check

c)

Deposit Form

d)

Direct Deposit

18.

An automatic electronic deposit of net pay to an employee's designated bank account


a)

Direct Deposit

b)

Deposit slip

c)

Direct Debit

d)

Deposit

19.

To sign the back of a check made out to you so it can be cashed or deposited

a)

Endorse

b)

Signature

c)

Deposit Slip

d)

E-Check

20.

A check that has been written but has not yet been cashed or deposited by the payee is:

a)

Outstanding Check

b)

Outstanding Deposit

c)

Overdraft Fee

d)

Overdraft Check

21.

A deposit that has been made but not yet added to the person's bank account is:

a)

Outstanding Check

b)

Outstanding Deposit

c)

Overdraft Fee

d)

Overdraft Check

22.

To write a future date on a check is to:

a)

Postdate

b)

Postpone

c)

Posted Payment

d)

Posted Check

23.

To compare your bank's monthly account statement with your own records of activity for the same account:

a)

Reconcile

b)

Reconsider

c)

Rule of 72

d)

Roth IRA

24.

A check with "VOID" written across it so that it can no longer be used:

a)

Voided Check

b)

Avoided Check

c)

Voided Debit

d)

Adverse Conditions

25.

A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

a)

Interest

b)

Internment

c)

Impulse Buying

d)

Inflation

26.

A type of savings account that may allow limited debit card and check writing privileges in exchange for a higher interest rate

a)

Money Market Account

b)

Online Savings Account

c)

Traditional Savings Account

d)

Mario Market Account

27.

Original amount of money saved or invested, separate from interest or earnings:

a)

Principal

b)

Purchasing Power

c)

Principal Reduction

d)

Prime Rate

28.

An individual retirement account that allows a person to set aside after-tax income up to a specified amount each year:

a)

Roth IRA

b)

Traditional IRA

c)

Roth MMA

d)

Traditional MMA

29.

An individual retirement account that allows a person to set aside pre-tax income up to a specified amount each year

a)
Traditional IRA
b)
Brokerage Account
c)
Health Savings Account
d)
Roth IRA
30.

A monthly fee that some banks charge to provide access to checking or savings accounts

a)

Maitenance Fee

b)

Minimum Balance Fee

c)

Mobile Deposit Fee

d)

NSF Fee

31.

A certain amount of money that must be kept in an account as required by that particular financial institution is:

a)

Minimum Balance

b)

Maximum Balance

c)

Minimal Balance

d)

Minor Balance

32.

A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyway

a)

Overdraft Fee

b)

Overdraft Protection

c)

NSF Fee

d)

NSF Protection

33.

A loan banks offer to their customers when they try to withdraw more funds than they have in their account, usually for a fee and with interest

a)

Overdraft Fee

b)

Overdraft Coverage

c)

NSF Fee

d)

NSF Protection

34.

A fee that is charged if the number of withdrawals from your savings account exceeds the federal limit, which is six free withdrawals and transfers per month:

a)

Transaction Fee

b)

Maitanence Fee

c)

Overdraft Fee

d)

Transition Fee

35.

A business that cashes checks and gives the customer cash in exchange for a fee for the service:

a)

Check Cashing Store

b)
Currency exchange service
c)
Bank loan service
d)
Money transfer service
36.

A term used to describe a person who does not use or does not have access to traditional financial services

a)

Unbanked

b)

Underbanked

c)

Underwhelmed

d)

Unbankable

37.

A term used to describe a person who has a bank account, but often relies on alternative financial services such as check cashing

a)

Unbanked

b)

Underbanked

c)

Underwhelmed

d)

Unbankable

38.

Reinvesting earned interest back into the principal, so that interest is calculated on both the initial amount and the accumulated interest:

a)
Simple interest
b)
Compound interest
c)
Fixed interest
d)
Nominal interest
39.

Money set aside for unanticipated expenses or loss of income is:

a)
Savings account
b)
Emergency fund
c)
Investment portfolio
d)
Retirement fund
40.

A popular trick to find out how many years it will take your money to double depending on what interest rate you are receiving:

a)

Rule of 100: Years to double = 100 / interest rate (%)

b)

Rule of 50: Years to double = 50 / interest rate (%)

c)

Rule of 72: Years to double = 72 / interest rate (%)

d)

Rule of 2: Years to double = 72 / (interest rate + 2)

41.

Interest paid on the principal alone

a)

Simple Interest

b)

Compound Interest

c)

Simple Math

d)

Compound Fractions

42.

Inflation caused by an increase in production costs, but demand is the same

a)

Cost Push Inflation

b)

Demand Pull Inflation

c)

Paycheck Inflation

d)

Investment Inflation

43.

Inflation caused by an increase in demand, but supply is the same

a)
Demand-pull inflation
b)
Hyperinflation
c)
Stagflation
d)
Cost-push inflation
44.

The rate at which the price of goods increases and consumer purchasing power decreases over time

a)
Recession
b)
Stagnation
c)
Inflation
d)
Deflation
45.

The number of goods and services that money can buy. It can weaken in time due to inflation.

a)
Market value
b)
Economic stability
c)
Consumer demand
d)
Purchasing power
46.

An application that runs on mobile devices. It securely stores your payment information and passwords and allows you to pay for items without needing your physical cards.

a)
Digital wallet
b)
Online banking service
c)

Cellphone wallet

d)
Payment app
47.

A mobile banking tool that allows you to deposit checks to your bank account using your mobile device

a)
Mobile wallet transfer
b)
ATM cash deposit
c)
Online bank transfer
d)

Mobile deposit

48.

The person to whom the check is made payable, or the person receiving money from a sender via a mobile banking app is:

a)
payer
b)
recipient
c)
payee
d)
transmitter
49.
  • A digital payment method that allows you to transfer funds from your bank account to that of another person:

a)

Person-to-person payment

b)
Credit card payment
c)
Cash transaction
d)
Mobile wallet transfer
50.

A notification that lets you know when there is suspicious activity with your account is called:

a)
account warning
b)

unusual activity alert

c)
login notification
d)
transaction alert