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