Ch.15 Vocabulary

A Banknote is:

• A type of currency issued by a bank

• A type of coin used in vending machines

• A digital currency used online

• A form of credit card

A check is:

• A written order to pay a specific amount of money

• A type of bank account

• A financial statement

• A loan agreement

A Checking Account is:

• A type of savings account

• A type of bank account that allows easy access to funds

• A loan provided by the bank

• An investment account

A Credit Card is a financial tool that allows you to:

• Borrow money up to a certain limit to pay for goods and services

• Deposit money to earn interest

• Transfer money between bank accounts

• Store cash securely

A Credit Union is a:

• banking institution owned by its members

• government financial agency

• private investment firm

• for profit commercial bank

A Debit Card is:

• a type of credit card

• a card that allows you to spend money directly from your bank account

• a card used for online shopping only

• a card that earns you rewards points

A deposit is:

• a type of loan.

• a sum of money placed in a bank account.

• an insurance policy.

• a financial penalty.

A Depository Institution is:

• a financial institution that accepts deposits from the public

• a type of insurance company

• a government agency that regulates the stock market

• a private investment firm

Electronic Funds Transfer (EFT) is a method of transferring money from one bank account to another electronically. Which of the following best describes EFT?

• A method of transferring money electronically between bank accounts

• A type of physical currency exchange

• A manual process of writing checks

• A form of digital currency

A Financial Institution is:

• an organization that provides financial services

• a type of government agency

• a non-profit organization

• a technology company