Banking Terms Quiz

What is a Debit Card?

• A card for transferring money to other accounts

• A card for depositing cash into your account

• A card for withdrawing money from your account

• A card for making credit purchases

What is the purpose of a Deposit Slip?

• To let the teller know how much money you are depositing

• To inform the bank about your account balance

• To apply for a credit card

• To request a loan from the bank

What is the function of a Check Register?

• To record all deposits and withdrawals from your account

• To request a new checkbook from the bank

• To keep track of your credit card transactions

• To apply for a mortgage loan

What is the purpose of a Substitute Check?

• A check that is not valid for cashing

• A check that can only be used for online transactions

• A check issued by someone else on your behalf

• An electronic image of your check that has the same standing as the actual check

What is the definition of Reconciliation in banking?

• The act of resolving the difference between the statement balance and your check register balance

• The process of opening a new bank account

• The act of transferring money to another account

• The process of closing a bank account

What is the purpose of a Signature Card?

• To verify your identity when using an ATM

• To indicate that you are the account owner when opening an account

• To apply for a personal loan

• To authorize someone else to use your account

A written contract between you and your bank. When you write a check, you are asking the bank to take money from your account and give it to someone else.

• Check

• Check Register

• Deposit

• Fees

A banking activity (e.g., depositing or withdrawing money, using your Automated Teller Machine (ATM) or debit card, or having checks direct-deposited into your account).

• Transaction

• Signature Card

• Check

• Fee

A computer terminal with which you can deposit cash and checks into your account or withdraw cash from your account 24 hours a day, 7 days a week.

• ATM

• Check

• Withdrawl

• Debit Card

An electronic method for transferring and depositing money directly into your account. Endorsement: The act of signing the back of a check so that you can deposit or cash it.

• Direct Deposit

• Interest

• Reconciliation

• Deposit Slip