WorksheetsUnit 3 Vocab Review
Total questions: 50
Worksheet time: 25mins
A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time is:
Money Market Account
Certificate of Deposit
Savings Account
Certificate of Deposition
The government agency that insures customer deposits if a bank fails up to $250,000 per individual depositor is:
National Credit Union Administration (NCUA)
Health Savings Account (HSA)
Federal Deposit Insurance Corporation (FDIC)
Securities and Exchange Commission (SEC)
Which government agency provides insurance for customer deposits in banks up to $250,000 per individual depositor?
National Credit Union Administration (NCUA)
Health Savings Account (HSA)
Federal Deposit Insurance Corporation (FDIC)
Securities and Exchange Commission (SEC)
The U.S. administration insuring deposits in U.S.credit unions against credit union failure up to $250,000 per individual depositor:
Federal Deposit Insurance Corporation (FDIC)
Health Savings Account (HSA)
National Credit Union Administration (NCUA)
Securities and Exchange Commission (SEC)
A type of savings account, typically offering higher interest rates, that is managed entirely online with no physical bank branch
Money Market Account
Online Savings Account
Traditional Savings Account
Certificate of Deposit
An electronic communication that moves funds from an account in one bank to an account in a different bank instantly is:
ACH Processing
Wire Payment
Wire Transfer
Adjustable-Rate Mortgage (ARM)
The amount of money you have in your bank account:
Deposit
Balance
Debit
Withdrawl
A monthly document prepared by your financial institution which shows all of the transactions related to your account is:
Check Register
Online Account Access
Bank Statement
Banking Notification
A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee
Check Register
Check
Canceled check
Checking Account
A check that has been paid or cleared by the bank. It will appear on your bank statemen is:
Canceled check
Check
Checking Account
Check Register
A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals
Check Register
Canceled Check
Checking Account
Check
A sum of money deposited INTO an account:
Credit
Deposit
Debit
Withdrawal
A sum of money deducted FROM your account:
Credit
Deposit
Debit
Withdrawal
A card that allows the holder to make purchases without cash by borrowing money
Credit Card
Debit Card
Credit
Debit
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
Credit Card
Debit Card
Credit
Debit
Money you put into your account:
Deposit
Debit
Direct Deposit
Debit Card
A form you fill out to credit money to your account when you make a deposit:
Deposit Slip
Deposit Check
Deposit Form
Direct Deposit
An automatic electronic deposit of net pay to an employee's designated bank account
Direct Deposit
Deposit slip
Direct Debit
Deposit
To sign the back of a check made out to you so it can be cashed or deposited
Endorse
Signature
Deposit Slip
E-Check
A check that has been written but has not yet been cashed or deposited by the payee is:
Outstanding Check
Outstanding Deposit
Overdraft Fee
Overdraft Check
A deposit that has been made but not yet added to the person's bank account is:
Outstanding Check
Outstanding Deposit
Overdraft Fee
Overdraft Check
To write a future date on a check is to:
Postdate
Postpone
Posted Payment
Posted Check
To compare your bank's monthly account statement with your own records of activity for the same account:
Reconcile
Reconsider
Rule of 72
Roth IRA
A check with "VOID" written across it so that it can no longer be used:
Voided Check
Avoided Check
Voided Debit
Adverse Conditions
A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card
Interest
Internment
Impulse Buying
Inflation
A type of savings account that may allow limited debit card and check writing privileges in exchange for a higher interest rate
Money Market Account
Online Savings Account
Traditional Savings Account
Mario Market Account
Original amount of money saved or invested, separate from interest or earnings:
Principal
Purchasing Power
Principal Reduction
Prime Rate
An individual retirement account that allows a person to set aside after-tax income up to a specified amount each year:
Roth IRA
Traditional IRA
Roth MMA
Traditional MMA
An individual retirement account that allows a person to set aside pre-tax income up to a specified amount each year
A monthly fee that some banks charge to provide access to checking or savings accounts
Maitenance Fee
Minimum Balance Fee
Mobile Deposit Fee
NSF Fee
A certain amount of money that must be kept in an account as required by that particular financial institution is:
Minimum Balance
Maximum Balance
Minimal Balance
Minor Balance
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
Overdraft Fee
Overdraft Protection
NSF Fee
NSF Protection
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
Overdraft Fee
Overdraft Coverage
NSF Fee
NSF Protection
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:
Transaction Fee
Maitanence Fee
Overdraft Fee
Transition Fee
A business that cashes checks and gives the customer cash in exchange for a fee for the service:
Check Cashing Store
A term used to describe a person who does not use or does not have access to traditional financial services
Unbanked
Underbanked
Underwhelmed
Unbankable
A term used to describe a person who has a bank account, but often relies on alternative financial services such as check cashing
Unbanked
Underbanked
Underwhelmed
Unbankable
Reinvesting earned interest back into the principal, so that interest is calculated on both the initial amount and the accumulated interest:
Money set aside for unanticipated expenses or loss of income is:
A popular trick to find out how many years it will take your money to double depending on what interest rate you are receiving:
Rule of 100: Years to double = 100 / interest rate (%)
Rule of 50: Years to double = 50 / interest rate (%)
Rule of 72: Years to double = 72 / interest rate (%)
Rule of 2: Years to double = 72 / (interest rate + 2)
Interest paid on the principal alone
Simple Interest
Compound Interest
Simple Math
Compound Fractions
Inflation caused by an increase in production costs, but demand is the same
Cost Push Inflation
Demand Pull Inflation
Paycheck Inflation
Investment Inflation
Inflation caused by an increase in demand, but supply is the same
The rate at which the price of goods increases and consumer purchasing power decreases over time
The number of goods and services that money can buy. It can weaken in time due to inflation.
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.
Cellphone wallet
A mobile banking tool that allows you to deposit checks to your bank account using your mobile device
Mobile deposit
The person to whom the check is made payable, or the person receiving money from a sender via a mobile banking app is:
A digital payment method that allows you to transfer funds from your bank account to that of another person:
Person-to-person payment
A notification that lets you know when there is suspicious activity with your account is called:
unusual activity alert
