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