WorksheetsUnit 2: Banking vocabulary pt. 1
Total questions: 15
Worksheet time: 8mins
Which of the following best defines the term "Balance" in banking?
The amount of money you have in your bank account
Money you put into your account
A card that allows the holder to make purchases without cash by borrowing money
A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee
What is the primary function of an ATM (Automatic Teller Machine)?
To sign the back of a check made out to you so it can be cashed or deposited
Allows a person to manage a bank account holder’s funds through actions such as withdrawing or depositing money, viewing account balances, etc.
A card that is directly connected to your checking account
A fee paid to you for keeping your money in an account
Which banking term refers to "money you put into your account"?
Deposit
Interest
Principal
Endorse
A card that is directly connected to your checking account and enables you to conduct ATM transactions and make purchases instead of using cash or writing a check is called:
Credit Card
Debit Card
PIN
Bank Statement
If you receive a check made out to you and you sign the back of it so it can be cashed or deposited, what is this process called?
Endorse
Deposit
Balance
Principal
Which term refers to the Personal Identification Number needed to use an ATM card?
Principal
PIN
Statement
Compound Interest
What is the original amount of money saved or invested, separate from interest or earnings, called?
Principal
Interest
Statement
FDIC
Which document is prepared monthly by your financial institution and shows all of the transactions related to your account?
Deposit Slip
Statement
PIN
NCUA
What is the main difference between the FDIC and the NCUA?
FDIC insures bank deposits, NCUA insures credit union deposits
FDIC insures credit union deposits, NCUA insures bank deposits
Both insure only up to $100,000
Both are private organizations
If you reinvest earned interest back into the principal so that interest is calculated on both the initial amount and the accumulated interest, what is this process called?
Simple Interest
Compound Interest
Principal
Statement
A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card
Simple Interest
Late fee
Bouncing a check
Interest
The Federal Deposit Insurance Corporation will insure this amount of money in the event the bank fails.
$100,000
$150,000
$250,000
$2,500,000
A(n). (a) is a banking service in which a customer deposits money and writes checks to withdraw at his or her convenience.
Which type of account allows your deposited money to be withdrawn at any time by writing a check?
Savings Account
Certificate of Deposit
Certified Cash Account
Checking Account
You would utilize this type of purchase if you did not have cash and were not using your own money, but using BORROWED money
Debit Card
Credit Card
Personal Check
Cash Money
