c7 banking

Question 1

automatic deposit of your net pay

Answer 1

direct deposit

Question 2

computer that allows you to withdraw cash

Answer 2

ATM

Question 3

cash card that allows you to withdraw money from checking/savings account

Answer 3

debit card

Question 4

a for profit institution that offers a full range of financial services

Answer 4

commercial bank

Question 5

specializes in savings accounts and mortgage loans

Answer 5

S+L

Question 6

non profit owned by its members financial service

Answer 6

credit union

Question 7

savings alternative in which money is left on deposit for an extended period of time to earn a specific rate of return

Answer 7

certificate of deposit

Question 8

savings account that requires a min. balance and earns interest

Answer 8

money market account

Question 9

% of increase in the value of savings from earned interest

Answer 9

rate of return

Question 10

process in which interest is earned on both the principle and on any previously earned interest

Answer 10

compounding

Question 11

amount of interest that a $100 deposit would earn, after compounding for 1 year

Answer 11

annual percentage yield

Question 12

automatic loan made to an account if the balance will not cover checks written

Answer 12

overdraft protection

Question 13

request that a bank/financial service does not cash a particular check. fees for this can range from $10-$20 or more.

Answer 13

stop payment order

Question 14

signature of the payee, the party to whom the check has been written

Answer 14

endorsement

Question 15

a report that accounts for the difference between a bank statement and a checkbook balance

Answer 15

bank reconciliation