Banking

1

• Banking
• Unit
• Review

2
The length of time you are required to keep your
money in the account is known as the ___________.

• Term

3
A savings account which requires you to keep your
money in the account for a specific period of
time is known as a(n) ___________.

• Certificate of Deposit or CD

4
What type of card allows you to purchase
something and have the money taken directly from
your checking account?

• Debit card

5
A checking account is an example of a ___________

• Demand deposit

6
The total amount of money in your bank account is
called _____________

• The balance

7
An electronic banking service which enables you
to have your paycheck funds automatically sent to
your bank account is known as ___________.

• Direct deposit

8
Savings accounts and certificates of deposit are
examples of ___________

• Time deposits

9
An electronic banking service which enables you
to pay a monthly or other recurring bill
automatically is known as ___________.

• An automated payment

10
If you report a debit card stolen or lost within
____ days of discovery, you are not liable for
unauthorized use.

• Two (2)

11
All other things being equal, would you prefer a
bank to compound your interest daily, monthly,
quarterly, or annually?

• Daily

12
If you use a debit card to purchase an item or
service, that is known as a(n) ______________
transaction.

• Point of Sale (POS)

13
The amount of money your bank account earns
depends on __(name one factor)___.

• Type of account,
• Balance in the account, or
• Interest rate

14
A prepaid card that you can spend for college
books, bus/subway fares, school lunches, long
distance telephone calls or similar services is
known as a(n) _________________ card.

• Stored value card

15
If you dont report a debit card as stolen or
lost within ____ days, you are liable for ALL
unauthorized uses.

• Sixty (60)

16
The Federal Deposit Insurance Corp (FDIC) insure
bank deposits for up to ______ per account.
250,000
17
The type of financial institution that offers the
broadest range of services to businesses and
individuals is known as a _____________.

• Commercial bank

18
Name the two types of financial institutions that
offers a broad range of banking services, but
tends to specialize in savings accounts and
mortgage loans.

• Savings and loan associations, and
• Mutual savings banks

19
This type of financial institution is a
not-for-profit organization that is owned by and
serves only its members such as a labor union.

• Credit union

20
This booklet where you write all your checking
account entries is known as a(n) ______________.

• Check register

21
This type of financial institution specializes in
loans to consumers and small businesses that are
higher risk or have low income/few assets.

• Finance company

22
This type of financial institution specializes in
loans to purchase homes, and does not usually
offer deposit services.

• Mortgage company

23
Name three things you should consider when
comparing financial institutions.

• Favorable interest rates
• Free or low cost checking
• Will it loan me money
• Is it FDIC or SAIF insured
• Convenient locations
• Other services

24
The type of savings account that allows to make
deposits or withdrawals whenever you want and
pays a fixed rate of interest is known as a(n)
_________.

• Regular savings account

25
Name two types of errors that you can discover
when you do a monthly reconciliation of your
checking account.

• You forgot to enter a transaction
• You made a calculation error
• Your bank made a calculation error
• Your bank (over)charged for some service

26
The type of savings account in which the interest
rate varies from month to month is known as a(n)
_________.

• Money market account

27
The percent of increase in the value of your
savings from earned interest is known as the
__________.

• Rate of return

28
The process of earning interest on both the
principal and also on any prior interest earned
is known as _______.

• Compounding

29
The term for the amount of interest that a 100
deposit would earn after compounding for one year
is known as _______.

• Annual Percentage Yield (APY)

30
Name two things you should consider when opening
a checking account.

• Restrictions such as a minimum balances
• Fees and charges
• Favorable interest rates
• Special services

31
A service in which your bank either loans you
money or automatically transfers money to your
checking account if you do not have sufficient
funds to cover your check is known as ___________.

• Overdraft protection

32
If you want your bank to not pay a particular
check you wrote, you would issue a(n) ___________.

• Stop payment order

33
The type of endorsement where you can only
deposit the money in your account since you wrote
For Deposit Only above your signature is known
as a(n) ________.

• Restrictive endorsement

34
The person or company to whom you make your check
out to is known as the _________.

• Payee

35

• Lets Play Final Jeopardy

36
Name as many examples of services offered by a
bank as you can.

• Savings accounts
• CDs
• Checking accounts
• Loans (mortgages, car loans, personal loans)
• Credit cards
• Insurance
• Investments
• Tax assistance
• Financial planning