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Banking Unit Review

This review covers various topics related to banking, including types of accounts, debit cards, electronic banking services, and financial institutions. It also includes information on savings accounts, interest rates, and types of endorsements.

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Banking Unit Review

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  1. Banking Unit Review

  2. The length of time you are required to keep your money in the account is known as the ___________. Term

  3. A savings account which requires you to keep your money in the account for a specific period of time is known as a(n) ___________. Certificate of Deposit or CD

  4. What type of card allows you to purchase something and have the money taken directly from your checking account? Debit card

  5. A checking account is an example of a ___________ Demand deposit

  6. The total amount of money in your bank account is called _____________ The balance

  7. An electronic banking service which enables you to have your paycheck funds automatically sent to your bank account is known as ___________. Direct deposit

  8. Savings accounts and certificates of deposit are examples of ___________ Time deposits

  9. An electronic banking service which enables you to pay a monthly or other recurring bill automatically is known as ___________. An automated payment

  10. If you report a debit card stolen or lost within ____ days of discovery, you are not liable for unauthorized use. Two (2)

  11. All other things being equal, would you prefer a bank to compound your interest daily, monthly, quarterly, or annually? Daily

  12. If you use a debit card to purchase an item or service, that is known as a(n) ______________ transaction. Point of Sale (POS)

  13. The amount of money your bank account earns depends on __(name one factor)___. Type of account, Balance in the account, or Interest rate

  14. A prepaid card that you can spend for college books, bus/subway fares, school lunches, long distance telephone calls or similar services is known as a(n) _________________ card. Stored value card

  15. If you don’t report a debit card as stolen or lost within ____ days, you are liable for ALL unauthorized uses. Sixty (60)

  16. The Federal Deposit Insurance Corp (FDIC) insure bank deposits for up to $______ per account. $250,000

  17. The type of financial institution that offers the broadest range of services to businesses and individuals is known as a _____________. Commercial bank

  18. Name the two types of financial institutions that offers a broad range of banking services, but tends to specialize in savings accounts and mortgage loans. Savings and loan associations, and Mutual savings banks

  19. This type of financial institution is a not-for-profit organization that is owned by and serves only its members such as a labor union. Credit union

  20. This booklet where you write all your checking account entries is known as a(n) ______________. Check register

  21. This type of financial institution specializes in loans to consumers and small businesses that are higher risk or have low income/few assets. Finance company

  22. This type of financial institution specializes in loans to purchase homes, and does not usually offer deposit services. Mortgage company

  23. Name three things you should consider when comparing financial institutions. Favorable interest rates Free or low cost checking Will it loan me money Is it FDIC or SAIF insured Convenient locations Other services

  24. The type of savings account that allows to make deposits or withdrawals whenever you want and pays a fixed rate of interest is known as a(n) _________. Regular savings account

  25. Name two types of errors that you can discover when you do a monthly reconciliation of your checking account. You forgot to enter a transaction You made a calculation error Your bank made a calculation error Your bank (over)charged for some service

  26. The type of savings account in which the interest rate varies from month to month is known as a(n) _________. Money market account

  27. The percent of increase in the value of your savings from earned interest is known as the __________. Rate of return

  28. The process of earning interest on both the principal and also on any prior interest earned is known as _______. Compounding

  29. The term for the amount of interest that a $100 deposit would earn after compounding for one year is known as _______. Annual Percentage Yield (APY)

  30. Name two things you should consider when opening a checking account. Restrictions such as a minimum balances Fees and charges Favorable interest rates Special services

  31. A service in which your bank either loans you money or automatically transfers money to your checking account if you do not have sufficient funds to cover your check is known as ___________. Overdraft protection

  32. If you want your bank to not pay a particular check you wrote, you would issue a(n) ___________. Stop payment order

  33. The type of endorsement where you can only deposit the money in your account since you wrote “For Deposit Only” above your signature is known as a(n) ________. Restrictive endorsement

  34. The person or company to whom you make your check out to is known as the _________. Payee

  35. Let’s Play Final Jeopardy

  36. Name as many examples of services offered by a bank as you can. Savings accounts CDs Checking accounts Loans (mortgages, car loans, personal loans) Credit cards Insurance Investments Tax assistance Financial planning

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