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