Banking Unit 1

Question 1

The act of adding money into my account it is called a what?1

Answer 1

Deposit

Question 2

This is unique to the individual, and is needed to open a checking account

Answer 2

Social Security #

Question 3

A debit card, check and ATM cash withdrawal deduct money straight from your what?

Answer 3

Checking Account

Question 4

This institution is for profit

Answer 4

Bank

Question 5

Always write your checks out with this writing utensil

Answer 5

Pen

Question 6

This institution is community oriented and is a nonprofit cooperative

Answer 6

Credit Union

Question 7

Used to add cash or checks to your checking/savings account

Answer 7

Deposit Slip

Question 8

You should call your bank and ask them to adjust the balance on your account if you are charged a what?

Answer 8

Bank Service Charge

Question 9

If you make a mistake on the check you are writing, write this in big letters across the entire check

Answer 9

VOID

Question 10

The person listed in the top corner of their check, is called the what?

Answer 10

Drawer

Question 11

The act of monitoring your account for errors and unauthorized transactions

Answer 11

Balancing your checkbook

Question 12

The process of matching your checkbook register with the bank statement is known as what?

Answer 12

Reconciliation – Reconciling your checkbook

Question 13

Unlike using a check which can take days to hit your account, funds are immediately taken out of your account when this is used

Answer 13

Debit Card

Question 14

The safest option when receiving your paycheck

Answer 14

Direct Deposit

Question 15

Writing a check for more money than you have, knowing that you will get paid before the check hits your account is called

Answer 15

Floating a check

Question 16

The monthly notice you receive from your bank with a record of all your transactions

Answer 16

Bank Statement

Question 17

The specific number associated that identifies a bank is called the

Answer 17

Routing Number

Question 18

An issued payment to a vendor that is set up to pay at a certain time every month

Answer 18

Automatic Withdrawal

Question 19

Writing checks can be a disadvantage due to delayed deduction and the possibility of what?

Answer 19

Check Fraud

Question 20

When Endorsing a check, you should sign your name and write what three words?

Answer 20

For Deposit Only

Question 21

You keep track of the amount of money checks were written for in what?

Answer 21

Check Register

Question 22

You can use this stand alone kiosk to both deposit and withdraw money.

Answer 22

ATM

Question 23

Some banks offer these for their customers to store small valuable items/documents

Answer 23

Safe Deposit Box

Question 24

NSF is short for what?

Answer 24

Nonsufficient funds

Question 25

This type of endorsement would assign the value of a check to a third party

Answer 25

Special Endorsement