U2- Managing Money L1 Dep. Inst.

Question 1

complete transactions from a machine w/o human assistance

Answer 1

ATM

Question 2

account that allows quick access to funds for transactions

Answer 2

checking account

Question 3

For-profit depository businesses that offer financial services to both consumers and other businesses

Answer 3

commercial Bank

Question 4

payment transactions that can be completed with no physical connection between the payment device and the physical point of sale or store clerk

Answer 4

contactless payment

Question 5

depository institution that offer many banking services and are owned by their customers

Answer 5

credit union

Question 6

plastic card that is electronically connected to cardholder’s depository institution account

Answer 6

debit card

Question 7

businesses that provide financial services

Answer 7

depository institution

Question 8

price paid for using someone else’s money

Answer 8

interest

Question 9

percentage rate used to calculate interest

Answer 9

interest rate

Question 10

apps that depository institutions have developed to allow online banking access from smartphones

Answer 10

mobile banking

Question 11

allows customers to complete certain transactions from a secured Internet site by using a username and password from any place with internet access

Answer 11

online banking

Question 12

account at a depository institution that is designed to hold money not spent on current consumption

Answer 12

savings account

Question 13

accounts offered by depository institutions whose main purpose is to help people manage their money

Answer 13

savings tool