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Consumer Finance 2013-2014 > Banking Exam Study Guide > Flashcards

Banking Exam Study Guide Flashcards

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1
Q

Interest

A

A fee paid by a borrower of assets to the owner as a form of compensation for the use of the assets

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2
Q

Deposit

A

To put money into bank

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3
Q

Depositor

A

One who puts money into an account

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4
Q

Federal Deposit Insurance Corporation (FDIC)

A

A Federal government agency that insures deposits in banks

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5
Q

Inflation

A

A sustained increase in the average level of prices

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6
Q

Currency

A

The paper money and coins used for financial transaction

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7
Q

Check

A

An order to a bank to pay a specified sum to the person or business named on check

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8
Q

Payee

A

The person or business named on a check and to whom a bank to pays a specified sum

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9
Q

Remitter

A

The person who writes out a check

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10
Q

Money Order

A

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

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11
Q

Check Register

A

A personal record of ones checking account

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12
Q

Bank Statement

A

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

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13
Q

Endorsement

A

A signature on back of check

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14
Q

Canceled Check

A

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

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15
Q

Electronic Funds Transfer (EFT)

A

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

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16
Q

Automated Teller Machine (ATM)

A

An electronic computer terminal which offers automated computerized banking

17
Q

Safety Deposit Box

A

A box with an individual lock that you can rent from a bank, thats located in a vault, where their contents are safe from fire, theft and loss

18
Q

How do Banks make Income?

A

Interests and Fees
Loans
Difference in interest from Borrowers and Depositors

19
Q

Why do people put money in Banks

A

To protect it
Earn Interests
Protects Purchasing Power

20
Q

How are Banks Regulated

A

Bank puts aside money so depositors can put in and take out money whenever

21
Q

What is the FDIC and how does it work?

A

Federal Deposit Insurance Corp and it protects peoples deposits

22
Q

What are the benefits of using a checking account?

A

Convenience, quick easy access, direct deposit, Eliminate need to carry cash, cost, can write checks, get bank statement

23
Q

How do you properly fill out a check

A

Date, Payee, Amount in numbers, amount in words,Signature memo

24
Q

What are the 3 types of check endorsements and characteristics of each

A

Blank: Least Secure, no instruction, can be deposited or Cashed
Restrictive: Most secure, for deposits only
Special: Used when payee wants to give check to someone

25
Q

What are the different methods to depositing Checks

A

ATM, Bank, Teller, Cell Phones, Debit Cards, Direct Deposit

26
Q

How does one fill out a deposit Slip

A

List Deposit or Withdraw
Find Total
Match Totals

27
Q

How does Electronic Banking Allow A Person To Make Withdraw Deposit and Bill Payments

A

Online

28
Q

How does A direct Payment Work?

A

Authorized bill to be paid by a specific bank Account

29
Q

How does online Banking Work?

A

Banks make websites at which consumers may complete transactions online

30
Q

Wire Transfer

A

An electronic communication that moves money in an account in one bank to an account in another bank

31
Q

Travelers Checks

A

Checks that you pay in advance, and if they are lost or stolen the company that you bought them from replaces them for free

32
Q

Money Order

A

A check that draws on the money of the bank or other financial institution that issued it

33
Q

Cashiers Check

A

A banks own check signed by the banks cashier, and whose payment comes from the banks own money

34
Q

Certified Check

A

A personal check that has been stamped and signed by a bank officer that guaranteed that your account has the money to cover the check

35
Q

Direct Payment

A

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

36
Q

Direct Deposit

A

When a paycheck or benefit check is directly deposited into a specified bank account

37
Q

Personal Identification Number (PIN)

A

A number that is entered in at an ATM and that confirms that the individual is authorized to access that particular account

38
Q

Debit Cards

A

Plastic Cards, Which look like credit cards, but are electronically connected to a cardholders depository institution account

Consumer Finance 2013-2014 (4 decks)

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