Banking Quiz

What is a record of financial transactions for an individual or business at a bank called?

• Account

• Loan

• Deposit

• Credit

What does APR stand for in banking terms?

• Annual Percentage Rate

• Annual Payment Rate

• Annual Principal Rate

• Annual Profit Rate

Which machine allows customers to perform basic banking transactions without the need for a teller?

• Automated Teller Machine (ATM)

• Credit Union

• Debit Card

• Electronic Funds Transfer (EFT)

What is the term for the amount of money available in an account?

• Balance

• Deposit

• Loan

• Interest

What is a summary of all transactions in an account over a set period, typically monthly, called?

• Bank Statement

• Credit Report

• Loan Statement

• Deposit Slip

What is a savings certificate with a fixed maturity date and specified interest rate called?

• Certificate of Deposit (CD)

• Savings Account

• Checking Account

• Credit Union

What type of account allows withdrawals and deposits, typically used for daily transactions?

• Checking Account

• Savings Account

• Certificate of Deposit (CD)

• Loan Account

What is the interest calculated on the initial principal and also on the accumulated interest from previous periods called?

• Compound Interest

• Simple Interest

• Fixed Interest

• Variable Interest

What is the ability to borrow money or access goods or services with the understanding that you'll pay later called?

• Credit

• Loan

• Deposit

• Overdraft

What is a member-owned financial cooperative that provides banking services at lower fees and interest rates called?

• Credit Union

• Bank

• Loan Agency

• Insurance Company