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Test your basic knowledge |
Banking Vocab
Start Test
Study First
Subject
:
personal-finance
Instructions:
Answer 40 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The period of time and the interest rate arranged between creditor and debtor to repay a loan.
Stop payment
Terms
Debit/deduction
Balance
2. A savings or checking account established in the names of more than one person.
Endorse
Bounced
Joint account
Currency
3. A stock of accumulated wealth used or available for producing more wealth.
Terms
Check
Balance
Capital
4. A banking card enhanced with ATM and POS features that can be used to purchase goods and services electronically.
Check card or debit card
Credit
Assets
Collateral
5. An IOU issued by a corporation - the U.S. Government - or a city and held by the lender as receipt that the business or institution has borrowed a specific amount of money. All bonds pay interest yearly and are payable in full at a specified date wri
Check card
Credit rating
Deposit slip
Bond
6. Another name for debit card.
Stop payment
Deposit slip
Bounced
Check card
7. State-Chartered or federally chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans.
Overdraft protection
Bank
Bounced
Savings and Loan Association
8. Any written document instructing a bank to pay money from the writer's account.
Check
Overdraft protection
Federal Reserve System
Credit Union
9. An account for which the holder can write checks.
Installment loan
Commercial banks
Checking account
Capital
10. A monetary loan to be repaid in fixed amounts over a predetermined period of time. Typically each payment is made monthly.
Bounced
Check card or debit card
Installment loan
Cashier's check
11. A check written for more than is currently in the account and the bank refuses to cash it.
Cashier's check
Compound interest
Bounced
Refinance
12. A member-owned financial institution - either state or federally chartered. Often more competitive thank banks and savings and loan associations because its non-profit status makes its operating costs lower.
Balance
Interest
Credit card
Credit Union
13. A small monthly fee a bank charges for handling a checking account.
Credit Bureau
Service charge
Credit
Overdraft protection
14. An amount of money taken out of an account.
Withdrawal
Service charge
Debit/deduction
Currency
15. An itemized slip showing the exact amount of paper money - coin and checks being deposited to a particular account.
Deposit slip
Withdrawal
Mortgage
Check card
16. A savings account in which an individual promises to deposit the money for a set period of time - for which the bank pays higher interest than a regular savings account.
Endorse
Balance
Checking account
Certificate of deposit
17. An establishment for lending - issuing - borrowing - exchanging and safeguarding money.
Balance
Bank
Terms
Installment loan
18. An amount of money put into a savings or checking account; the act of putting money into a bank account.
Clear/Cancelled check
Bank
Certificate of deposit
Deposit
19. To write the payee's own signature on the back of a check before cashing - depositing - or giving it to someone else.
Check
Mortgage
Joint account
Endorse
20. A check does this when its amount is debited (subtracted) from the payer's account and credited (added) to the payee's account - the check actually goes through the banking system.
Clear/Cancelled check
Service charge
Certificate of deposit
Cashier's check
21. Buying on the promise to repay at a later date.
Credit
Deposit slip
Collateral
Bounced
22. To revise a loan agreement to make the terms of payment more suitable to a borrower's present income and ability to repay. It usually provides a lower interest rate and lower monthly payments over a longer period of time.
Service charge
Refinance
Endorse
Withdrawal
23. A check issued by a bank on its own funds rather than by one of it depositors.
24. Interest calculated not only on the original principal but also on the interest already accrued.
Deposit
Endorse
Credit Union
Compound interest
25. The fee paid for the use of money.
Bank
Deposit
Interest
Joint account
26. Anything used as a medium of exchange.
Check
Overdraft protection
Currency
Compound interest
27. Anything that a bank accepts as security against the debtor's not repaying a loan. If the debtor fails to repay the loan - the bank is allowed to keep it.
Clear/Cancelled check
Service charge
Check
Collateral
28. An outstanding amount of money. Refers to the amount of money in a particular account.
Balance
Bounced
Deposit
Endorse
29. A score given to individuals based on the financial institution's evaluation of whether a person is suitable to receive credit.
Credit rating
Federal Reserve System
Deposit
Installment loan
30. When you write a check for more than the amount that is currently in your checking account - the bank will cover this cost for you so you are not charged more. There is typically a monthly fee for this service.
Installment loan
Debit/deduction
Overdraft protection
Currency
31. A bookkeeping term for a sum of money owed by an individual or institution; a charge deducted from an account.
Collateral
Debit/deduction
Assets
Mortgage
32. A plastic card which gives access to a line of credit that users are expected to repay.
Savings Account
Credit card
Check
Stop payment
33. A request made to a bank not to pay a specific check. If requested soon enough - the check will not be debited from the payer's account. Normally there is a charge for this service.
Balance
Credit
Stop payment
Savings and Loan Association
34. Non-governmental financial institutions. Sometimes called full-service banks because they provide a wide range of services - such as checking and saving accounts - credit and loan arrangements - and safe deposit box rentals.
Assets
Commercial banks
Interest
Check card or debit card
35. Money deposited with a financial institution for investment and/or safekeeping purposes.
Credit card
Bank
Account
Bounced
36. An agency which checks credit information and keeps complete files on people who apply for and use credit.
Compound interest
Bank
Installment loan
Credit Bureau
37. A governmental agency by Congress to organize and regulate banking throughout the U.S.
Federal Reserve System
Assets
Savings Account
Bank
38. A bank account which accrues interest in exchange for use of the money on deposit. The depositor is usually allowed an unlimited amount of deposits and withdrawals.
Checking account
Cashier's check
Savings Account
Joint account
39. A long-term loan obtained by individuals to buy a home which legally transfers ownership from the debtor to the creditor until the debt is paid.
Withdrawal
Refinance
Assets
Mortgage
40. Items of monetary value (ex. House - land - vehicle) - owned by an individual or company.
Cashier's check
Collateral
Assets
Service charge