Test: Checking & Savings Accounts

A written order telling your bank to pay money to an individual or business

• Loan
• Debit Card
• Check
• Bank Reconciliation Statement

Savings accounts are generally used for everyday spending and checking accounts are used for emergency and future plans

• True
• False

The act of taking money out of an account

• Deposit
• Credit
• Monetary
• Withdrawal

A sum of money placed or kept in a bank account

• Deposit
• Withdrawal
• Check
• Monetary

If you have a higher withdrawal than the money in your bank account, it will cause an ____________ in your account, This is where the bank ends up having to cover the difference, but then they will charge you a hefty fee

• backlash
• bank alert
• overdraft
• override

Which of the following are features of a checking account?

• Deposits
• Withdrawals
• Electronic Funds Transfer
• All of the above

EFT stands for:

• Electronic Financial Trade
• Electric Federal Transfer
• Electronic Funds Transfer

Comparison of your cash balance to your bank statement

• Monetary
• Financial Institution
• Electronic Monetary Transactions
• Bank Reconciliation Statement

Any kind of non-cash payment or transaction that doesn’t involve paper

• Federal Reserve Bank
• Credit
• Electronic Monetary Transaction
• Bank Reconciliation Statement

Credit that comes with a card you can borrow on an ongoing basis, it has interest rates, a spending limit and monthly payments

• Credit Cards
• Debit Cards