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