Section 1

Question 1

Account register

Answer 1

where you quickly enter money you have received from your customers and payments you have made to your suppliers or vendors.

Question 2

Automated teller machine (ATM)

Answer 2

a machine that dispenses cash or performs other banking services when an account holder inserts a bank card.

Question 3

Balance

Answer 3

the money available in a checking or savings account

Question 4

Banking

Answer 4

the business of protecting money for others

Question 5

Bank Account

Answer 5

an arrangement made with a bank whereby one may deposit and withdraw money and in some cases be paid interest

Question 6

Checking account

Answer 6

an account at a bank against which checks can be drawn by the account depositor

Question 7

Savings account

Answer 7

a bank account that earns interest

Question 8

Bank Check

Answer 8

a check that you can buy from a bank in order to pay someone who is not willing to accept a personal check

Question 9

Branch

Answer 9

a physical location of a banking corporation

Question 10

Certified Check

Answer 10

a type of check for which the issuing bank guarantees that there will be enough cash available in the holder’s account when the recipient decides to use the check

Question 11

Credit Union

Answer 11

a not-for-profit financial institution that accepts deposits, make loans, and provides a wide array of other financial services and products

Question 12

Deposit

Answer 12

your money that you transfer to another party

Question 13

Interest

Answer 13

the price you pay to borrow money or the return earned on an investment

Question 14

Balance your Account

Answer 14

the money available in a checking or savings account

Question 15

Bank Statement

Answer 15

a document from the bank that covers a specific time period, usually a month, that shows all the activity on your account for a time period

Question 16

Deposit Slip

Answer 16

a small paper form that a bank customer includes when depositing funds into a bank account

Question 17

Overdraft Protection

Answer 17

an agreement with the bank or financial institution to cover overdrafts on a checking account

Question 18

Running Balance

Answer 18

the total of the amount present on the debit and credit side, less the previous day balance.

Question 19

Withdrawal Slip

Answer 19

a bank document where the date, account number, and amount of money to be withdrawn from a bank are written

Question 20

Routing Number

Answer 20

a unique, nine-digit number that functions as an address for your bank

Question 21

Special endorsement

Answer 21

like a standard bank check, includes the name of the payee as well as a signature

Question 22

Restrictive endorsement

Answer 22

t includes not only the signature of the endorser but the words “For Deposit Only” and the bank account number or financial institution in which it is to be deposited

Question 23

Blank endorsement

Answer 23

a kind of signature on a financial instrument. It has no designated payee, so the person who possesses it can demand payment,

Question 24

Direct deposit

Answer 24

the deposit of funds electronically into a bank account rather than through a physical, paper check

Question 25

Joint Account

Answer 25

a bank or brokerage account shared by two or more individuals

Question 26

Loan

Answer 26

a form of debt incurred by an individual or other entity

Question 27

Garnishment

Answer 27

when a creditor takes a portion of your paycheck or money from your bank account to collect money you owe

Question 28

Mortgage

Answer 28

an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you’ve borrowed plus interest

Question 29

Online Bank

Answer 29

allows you to conduct financial transactions via the Internet

Question 30

Payee

Answer 30

a person receiving money from another party (the payer) during a financial transaction

Question 31

Personal identification number (PIN)

Answer 31

a numerical code issued with a payment card that is required to be entered to complete various financial transactions

Question 32

Retail Bank

Answer 32

banking that provides financial services to individual consumers rather than businesses.

Question 33

Transaction

Answer 33

any money that moves in or out of your bank account

Question 34

Withdrawal

Answer 34

involves removing funds from a bank account, savings plan, pension, or trust

Question 35

Transit Number

Answer 35

is a nine-digit number that helps financial institutions identify what institution issued checks or other documents financial documents

Question 36

Payroll savings plan

Answer 36

an automatic method of purchasing savings bonds