Banking

Question 1

Checking Account

Answer 1

an account at a bank that allows a customer to deposit money, make withdrawals, and make transfers from the funds on deposit

Question 2

Direct Deposit

Answer 2

Used to deposit payroll or government checks directly into an account

Question 3

Insufficient Funds

Answer 3

When an account does not have enough money to cover a check that has been issued against it

Question 4

Overdraft Protection

Answer 4

Pays a check even though there are not enough funds in the account; there is a fee for this service and the money must be repaid

Question 5

Interest

Answer 5

A percentage of the money that is in an account that a bank pays on some accounts

Question 6

Account Number

Answer 6

This number appears on all checks, deposit slips, and bank statements

Question 7

Bank Statement

Answer 7

A statement that includes all transactions that have occurred for a period of approximately one month

Question 8

Outstanding Deposits

Answer 8

Deposits that do not appear on the bank statement

Question 9

Outstanding Withdrawals

Answer 9

Withdrawals that do not appear on the bank statement

Question 10

Outstanding Checks

Answer 10

Checks that do not appear on the bank statement

Question 11

Balancing

Answer 11

The process of verifying the bank’s records to make sure no errors have been made

Question 12

Check Register

Answer 12

A record of all transactions in a checking account including checks written, deposits, etc.

Question 13

Reconciling

Answer 13

Same as balancing,

Question 14

Joint Account

Answer 14

An account with more than one owner

Question 15

Check

Answer 15

A written order used to tell the bank to pay money