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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. 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.
Capital
Endorse
Savings Account
Terms
2. 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.
Commercial banks
Endorse
Bounced
Deposit
3. A stock of accumulated wealth used or available for producing more wealth.
Capital
Endorse
Mortgage
Check card or debit card
4. 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.
Stop payment
Cashier's check
Withdrawal
Service charge
5. An agency which checks credit information and keeps complete files on people who apply for and use credit.
Credit Bureau
Interest
Installment loan
Stop payment
6. 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.
Bounced
Savings and Loan Association
Credit Bureau
Clear/Cancelled check
7. An establishment for lending - issuing - borrowing - exchanging and safeguarding money.
Endorse
Federal Reserve System
Stop payment
Bank
8. The fee paid for the use of money.
Credit
Interest
Compound interest
Assets
9. Money deposited with a financial institution for investment and/or safekeeping purposes.
Account
Interest
Mortgage
Deposit slip
10. Items of monetary value (ex. House - land - vehicle) - owned by an individual or company.
Joint account
Assets
Check
Overdraft protection
11. An amount of money put into a savings or checking account; the act of putting money into a bank account.
Capital
Interest
Service charge
Deposit
12. A banking card enhanced with ATM and POS features that can be used to purchase goods and services electronically.
Check card or debit card
Joint account
Deposit slip
Assets
13. Anything used as a medium of exchange.
Currency
Checking account
Credit
Credit Bureau
14. An amount of money taken out of an account.
Withdrawal
Endorse
Federal Reserve System
Savings and Loan Association
15. An account for which the holder can write checks.
Checking account
Terms
Service charge
Debit/deduction
16. A plastic card which gives access to a line of credit that users are expected to repay.
Clear/Cancelled check
Overdraft protection
Credit card
Checking account
17. A small monthly fee a bank charges for handling a checking account.
Overdraft protection
Service charge
Debit/deduction
Capital
18. 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.
Federal Reserve System
Balance
Mortgage
Installment loan
19. A score given to individuals based on the financial institution's evaluation of whether a person is suitable to receive credit.
Terms
Credit rating
Clear/Cancelled check
Deposit
20. A savings or checking account established in the names of more than one person.
Check card
Account
Check
Joint account
21. The period of time and the interest rate arranged between creditor and debtor to repay a loan.
Collateral
Service charge
Balance
Terms
22. Interest calculated not only on the original principal but also on the interest already accrued.
Endorse
Check
Compound interest
Account
23. To write the payee's own signature on the back of a check before cashing - depositing - or giving it to someone else.
Savings and Loan Association
Bond
Endorse
Deposit
24. A check written for more than is currently in the account and the bank refuses to cash it.
Bounced
Currency
Terms
Bond
25. Another name for debit card.
Capital
Check card
Savings and Loan Association
Balance
26. State-Chartered or federally chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans.
Savings and Loan Association
Refinance
Savings Account
Withdrawal
27. 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.
Deposit
Savings and Loan Association
Capital
Credit Union
28. 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.
Terms
Savings Account
Collateral
Federal Reserve System
29. 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
Stop payment
Bond
Debit/deduction
Interest
30. 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.
Savings and Loan Association
Interest
Certificate of deposit
Endorse
31. A governmental agency by Congress to organize and regulate banking throughout the U.S.
Credit
Terms
Service charge
Federal Reserve System
32. 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.
Overdraft protection
Credit
Savings Account
Joint account
33. Any written document instructing a bank to pay money from the writer's account.
Mortgage
Bounced
Check
Stop payment
34. An itemized slip showing the exact amount of paper money - coin and checks being deposited to a particular account.
Deposit
Assets
Deposit slip
Joint account
35. Buying on the promise to repay at a later date.
Credit Union
Check card
Credit
Savings Account
36. A bookkeeping term for a sum of money owed by an individual or institution; a charge deducted from an account.
Deposit
Debit/deduction
Clear/Cancelled check
Credit
37. A check issued by a bank on its own funds rather than by one of it depositors.
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38. A monetary loan to be repaid in fixed amounts over a predetermined period of time. Typically each payment is made monthly.
Installment loan
Savings Account
Savings and Loan Association
Assets
39. An outstanding amount of money. Refers to the amount of money in a particular account.
Bank
Balance
Overdraft protection
Savings and Loan Association
40. 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.
Refinance
Endorse
Clear/Cancelled check
Check card or debit card