Banking Exam

Question 0

Federal deposit insurance corporation

Answer 0

A fed. Government agency that insures deposits in banks

Question 1

Depositor

Answer 1

One who puts money into an account

Question 2

Inflation

Answer 2

a sustained increase in the average level of prices

Question 3

Payee

Answer 3

Person or business named on check whom the bank pays a specified sum

Question 4

Remitter

Answer 4

Someone who writes out a check

Question 5

Money order

Answer 5

A printed order for payment of a specified sum issued by a bank or post office

Question 6

Check register

Answer 6

A written record from your bank of all the transactions involving your account

Question 7

Canceled check

Answer 7

An image of a check that has been paid by a bank and kept by the bank

Question 8

Electronic funds transfer

Answer 8

Electronic movement of money that allows electronic banking or e-banking to be accomplished

Question 9

ATM

Answer 9

Offers automatic, computerized banking

Question 10

PIN #

Answer 10

Confirms individual is authorized to access an account

Question 11

Direct payment

Answer 11

When a business is authorized to receive a payment by a specific bank account

Question 12

Cashiers check

Answer 12

Banks own check signed by cashier

Question 13

Travelers checks

Answer 13

Checks you pay for in advance

Question 14

Wire transfer

Answer 14

Electronically moves money from bank to bank

Question 15

Safety deposit box

Answer 15

Box you can rent from bank. Safe from fire and theft

Question 16

Benefits of using a checking account?

Answer 16

Direct deposit, ATMs, security

Question 17

3 kinds of endorsements?

Answer 17

Blank endorsements, restrictive, special

Question 18

Different methods to deposit a check?

Answer 18

ATM, manually (at a bank), cell phones