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Banking Services Vocabulary

Authored by Wayground Content

Life Skills

7th - 12th Grade

Banking Services Vocabulary
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A method of calculating interest so that it is compounded an infinite number of times each year rather than being compounded every minute, or every microsecond.

Quarterly Compounding

Annual Compounding

Daily Compounding

Continuous Compounding

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

A numerical password that allows access to an ATM.

personal identification number (PIN)

electronic funds transfer (EFT)

hold

debit

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Interest that is calculated on the principal in an account, using the formula I = prt.

Interest Rate

Simple Interest

Compound Interest

Maturity

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A record of all transactions in a checking account, including checks written, deposits made, fees paid, ATM withdrawals, and so on.

Bank Statement

Statement Period

Check Register

Starting Balance

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The account owner of a check; the person who writes the check.

Payee

Principal

Credit

Drawer

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

The process that happens when a bank pays for a check out of a checking account; when the bank has transferred the funds from the checking account.

Direct Deposit

Hold

Check Clearing

Deposit Slip

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The receiver of the transferred funds or the person to whom the check is written.

Payee

Drawer

Principal

Check Register

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