WorksheetsBanking and Financial Terms Vocabulary
Total questions: 40
Worksheet time: 20mins
Ava and William are at the bank. Ava challenges William to a race: who can withdraw cash faster using the special machine there? What does ATM stand for?
automatic teller machine
advanced transfer method
automated ticket machine
account transaction module
Jackson checks his bank account to see how much money he has after making a deposit. What is the definition of Balance?
amount of money in your bank account
a type of bank card
the interest rate on a loan
a password for online banking
Mia, Rohan, and Harper are curious about how much money they've spent and saved last month. Mia receives a special document from her bank that shows every deposit, withdrawal, and payment she made. What is this helpful document called?
monthly document that shows all of your account transactions
a document that lists only your loan payments
a receipt for a single purchase
a letter from the bank about interest rates
Abigail, Kai, and Mason are on a mission to save up for a fun group adventure! They visit their local bank, and the banker suggests an account where they can earn interest on a lump-sum deposit for a set period of time. What is this type of account called?
earns interest on a lump-sum deposit for a period of time
is a type of credit card with no interest
is a form of insurance for lost property
is a loan that must be repaid monthly
Samuel and Maya were talking about paying rent. Samuel said he wrote a check, and later saw that his bank marked it as 'canceled.' Maya was curious—what does it mean when a check is canceled?
this has been paid and cleared by the bank
this is a check that has not been signed
this is a check that is post-dated
this is a check that has been lost
Charlotte wants to pay her rent, so she writes a special document to her bank, telling them to send a certain amount of money to her landlord. What is the official name for the kind of document Charlotte used?
written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee
a document that allows you to withdraw money from an ATM without a card
an agreement between two parties to exchange goods
a receipt given by a store after a purchase
Scarlett, Benjamin, and Abigail are teaming up to organize their finances for a school project! They want to keep all their check registers, checks, deposit slips, receipts, and other records in one safe spot. What item should they use to keep everything together?
holds your check register, checks, deposit slips, receipts, and other records
a document used to withdraw cash from an ATM
a card used for online purchases only
a type of loan agreement
Anika and her friend Ethan just got their paychecks and need cash fast for a weekend adventure. They visit a place that cashes their checks and gives them the money right away, but charges a fee for the service. What type of business did Anika and Ethan visit?
A business that cashes checks and gives you the money in exchange for a fee for the service
A store that only sells checkbooks and pens
A bank that offers only savings accounts
A business that provides loans without any identification
Avery, Abigail, and Sophia are on a mission to become money management experts! They want to keep track of every dollar they spend and save. To do this, they use a special tool to record all their written checks, card transactions, deposits, and withdrawals. What is this tool called?
A record that allows you to keep track of written checks, card transactions, deposits and withdrawals
A type of bank account used for saving money
A document used to apply for a loan
A form used to report income taxes
Jackson and Benjamin both open savings accounts at the same bank. Every time they earn interest, the bank adds it back into their principal, so their money grows even faster! What is this awesome process called?
Reinvesting earned interest back into the principal
Paying interest only on the original amount
Interest that decreases over time
A fee charged for late payments
Emma and Jackson are at the bank, and Jackson wants to buy a cool new car! He borrows some money from the bank. What does "Principal Interest" mean in this situation?
amount of money borrowed or invested
the rate at which money is borrowed
the total amount paid after interest
the time period for repayment
Elijah borrows money from a bank, and every year he only pays the interest on the original amount he borrowed. What is the definition of Simple Interest in this scenario?
interest on loans
the total amount borrowed
the time taken to repay a loan
the rate of inflation
Avery and Aria are at the bank. Avery watches as Aria deposits a sum of money INTO her account. In this scenario, what does the term Credit mean?
sum of money deposited INTO an account
sum of money withdrawn FROM an account
interest earned on savings
the balance remaining after a transaction
Scarlett, Benjamin, and Nora are going grocery shopping together! Scarlett decides to pay for the groceries using a special card that is linked directly to her checking account. What type of card is Scarlett using to make the purchase?
card connected to your checking account to make transactions and make purchases
a card that gives you a loan from the bank for purchases
a card used only for withdrawing cash from ATMs
a card that is only used for online shopping
Avery and James both deposit money into their savings accounts at the bank. At the end of the month, they are excited to see that the bank has added a little extra money to their accounts as a thank you for saving! What is this special bonus called?
A fee paid to you for keeping your money in an account or charged to you for a loan or credit card
A type of insurance for your savings account
A government tax on all bank transactions
A reward given for using a debit card frequently
Harper and Nora are hanging out at the mall when Harper spots a pair of shoes she absolutely loves. Even though she didn't plan to buy anything, she grabs them right away without thinking twice! What is this type of buying called?
buying of goods without planning to do so in advance
buying goods after thorough research and comparison
buying goods only during sales or discounts
buying goods based on recommendations from friends
Isla, Abigail, and Aria are chatting about their monthly budgets. Isla realizes that she uses almost all of her monthly income just to pay her bills and daily expenses, with hardly anything left to save or invest. What is this situation called?
Using most or all of your monthly income to cover your monthly expenses, leaving little to no spare cash for saving or investing
Earning more than you spend every month and saving the rest
Spending only on luxury items and saving all essentials for later
Investing all your income without spending on necessities
Noah and Abigail are talking about cool features on their bank accounts. Noah tells Abigail that he gets a special alert whenever his balance drops below a certain amount, so he never runs out of money by surprise! What is this helpful notification called?
A notification that lets you know when your account goes below a set amount
A message sent when your account exceeds a certain limit
A reminder to deposit money every month
A warning about suspicious account activity
Kai and his friends Anika and Henry are comparing their bank accounts. Kai notices that his bank deducts a certain amount from his account every month just for keeping his checking account open. What is this fee called?
A monthly fee that some banks charge to provide access to checking or savings accounts
A fee charged for withdrawing cash from an ATM
A penalty for late payment on a credit card
A fee for transferring money between accounts
Aria and William are excited to open new savings accounts at their local bank. The bank manager tells them that they must always keep a certain amount of money in their accounts, as required by the financial institution. What is this important requirement called?
A certain amount of money that must be maintained or required by that particular financial institution
The maximum amount you can withdraw in a day
The interest earned on a savings account
A penalty charged for late payments
Lily just got a check from her friend Samuel and wants to deposit it without making a trip to the bank. Which cool tool can Lily use on her mobile device to quickly deposit the check into her bank account?
A mobile banking tool that allows you to deposit checks into your bank account using your mobile device
A feature that lets you withdraw cash from any ATM without a card
A service that automatically pays your bills each month
A tool for transferring money between different banks instantly
Abigail and Jackson are helping their friend Evelyn find a new place to keep her savings. Evelyn wants an account that might let her use a debit card and write checks. Which type of account should she consider?
account that may allow debit card and check writing privileges
account that only allows fixed deposits
account that does not earn any interest
account used exclusively for business loans
Lily wants to surprise her friend Mason, who lives in another city, by sending him some money. However, Lily doesn’t have a bank account! She heads to the post office and buys a special document that lets Mason, the named payee, collect cash from his local post office. What is this document called?
A certificate that allows the stated payee to receive cash, usually issued by governments and banking institutions
A type of loan provided by banks for purchasing homes
A digital currency used for online transactions
A document that represents ownership in a corporation
Grace, Abigail, and Avery are chatting about where to keep their savings safe. Sophia wants to open an account at a credit union, but she’s curious about how her money would be protected if the credit union ever failed. She discovers there’s an organization that insures deposits in U.S. credit unions up to $250,000 per individual depositor. What is the definition of this organization?
The U.S. administration insuring deposits in U.S. credit unions against credit union failure up to $250,000 per individual depositor
A federal agency that regulates stock exchanges in the United States
An organization that provides insurance for private banks in the U.S.
A government body that manages the U.S. national debt
Emma, Elijah, and Anika are having a contest to see who can pay their utility bills the fastest—without stepping foot in a bank! Which of the following best describes the technology they can use to make payments over the internet?
A consumer banking technology that allows you to make payments over the internet
A method for sending physical checks through the mail
A service that only allows in-person payments at a bank branch
A tool for managing investment portfolios online
Emma and Abigail are helping their friend Grace find the perfect savings account. Grace wants an account with higher interest rates that she can manage entirely online—no need to visit a bank branch! What type of account should Grace consider?
A type of savings account, typically offering higher interest rates, that is managed entirely online with no physical bank branch
A checking account that allows unlimited withdrawals and deposits at any physical branch
A savings account that requires a minimum balance and offers no online access
A type of account used exclusively for business transactions
Jackson and Liam went grocery shopping, and Jackson wrote a check to pay. But Liam, who received the check, hasn’t deposited it at his bank yet. What is the definition of this type of check?
A check that has been written but has not yet been deposited by the payee
A check that has been deposited and cleared by the bank
A check that has been cancelled by the issuer
A check that is post-dated and cannot be cashed yet
Emma and Oliver both recently deposited checks into their bank accounts. The next day, Emma noticed her deposit wasn't showing as posted on her online statement yet. What is the definition of this type of deposit?
A deposit that has been made but not yet posted to your bank account
A deposit that has been withdrawn from your account
A deposit that has been rejected by the bank
A deposit that has already been cleared and posted
Abigail heads to the store and tries to buy snacks with her debit card, but oops—her account doesn’t have enough money! The bank still lets her buy the snacks, but then charges her a special fee. What is this fee called?
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 fee charged for using an ATM outside your bank's network
A fee for maintaining a minimum balance in your account
A fee for depositing checks into your account
Kai and Ethan are out shopping, and Kai writes a check for more money than he has in his bank account. The bank lets the transaction go through, but charges him a fee and interest. What is this helpful (but costly) service called?
A loan banks offer to their customers who spend more funds than they have in their account, usually for a fee and with interest
A type of insurance that covers stolen debit cards
A service that automatically increases your credit card limit
A penalty charged for late loan payments
Abigail writes a check to Emma for some delicious groceries. In this scenario, who is the payee?
The person to whom the check is made payable
The person who writes the check
The bank where the check is deposited
The person who endorses the check
Scarlett, Evelyn, and Ethan just got their monthly paychecks! Evelyn suggests they all set aside a portion of their money into savings before paying bills or buying anything fun. What is this smart money move called?
A method of saving whereby you automatically set aside a savings account before you pay monthly bills or make purchases
A strategy of spending all your income before saving any money
A process of paying off all debts before considering savings
A technique of investing only after all expenses are covered
Liam wants to pay Arjun back for lunch using his phone. What does Person to Person Payment mean?
A digital payment method that allows you to transfer your bank account to that of another person
A method of paying utility bills online
A way to withdraw cash from an ATM
A process of depositing checks using a mobile app
Henry wants to surprise his friend Michael with a special card that can be used to shop for cool stuff, but he doesn't want it connected to any bank or credit union account. Henry loads a set amount of money onto the card before handing it to Michael. What kind of card is Henry giving to Michael?
A card that is loaded with a set price of cash amount before you use it. It is not linked to a bank or credit union account.
A card that allows you to borrow money up to a certain limit and pay it back later.
A card that is directly linked to your savings account and deducts money instantly.
A card that can only be used for online purchases and not in physical stores.
Priya and Daniel are having a contest to see who can save more money in their savings accounts. When Priya makes her first deposit, what does the term Principal mean in this fun savings challenge?
Original amount of money saved or invested, or earnings
The interest earned on an investment
The total amount after interest is added
A type of bank account
Charlotte and Oliver are chatting at the grocery store. Charlotte says, "Last year, I could fill my cart with $50, but now I can barely get half as much!" What economic concept are they experiencing?
The number of goods and services that money can buy. It can weaken in time due to inflation.
The total amount of money in circulation in an economy.
The process of buying and selling goods and services internationally.
The interest rate set by the central bank.
Rohan and his friend Zoe are checking their bank statements together. They want to make sure their records match what the bank says. What is this important process called?
To compare your bank's monthly statement to your own records of activity for the same account
To withdraw money from an ATM
To open a new savings account
To apply for a credit card
Luna and William are curious about how quickly their savings could double if they stash their money in a bank account with a certain interest rate. They heard about a clever trick called the Rule of 72. Which of the following best describes how Luna and William can use the Rule of 72?
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 formula to calculate monthly loan payments
A guideline for determining the best time to invest in stocks
A method to estimate annual inflation rates
Jackson and Rohan are excited to open their very first bank accounts! When they visit the bank, the staff hands them a special document to fill out, which will help the bank verify their signatures in the future. What is this important document called?
A document that financial institutions use to verify the account holder's signature when opening new accounts. It includes information such as name, birth date, etc.
A type of credit card issued by banks for international transactions.
A form used to request a new checkbook from the bank.
A document that records all the transactions made by the account holder.
Aria and Kai both have savings accounts and love to save up for fun adventures. This month, Aria got a little too excited and made more than six withdrawals and transfers from her savings account, going over the federal limit. What is the definition of the Transaction Fee that Aria might be charged?
A fee that is charged if the number of withdrawals or transfers from your savings account exceeds the federal limit, which is six free withdrawals and transfers per month
A fee charged for opening a new savings account
A fee for checking your account balance online
A fee for depositing cash into your account
