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