Checking Accounts
What do you call the process of comparing your bank statement with your own records to ensure accuracy?
A) Balancing
B) Reconciliation
C) Statement matching
What is Reconciliation?
What type of bank account earns interest on the money deposited?
A) Savings account
B) Checking account
C) Brokerage account
A. What is Savings account?
What is a loan that is used to purchase a home?
A) Personal loan
B) Mortgage
C) Auto loan
B. What is a Mortgage?
What do you call a financial plan that tracks income and expenses?
A) Savings plan
B) Expense tracker
C) Budget
C. What is a budget?
What is the job title of a person who helps customers open accounts, process transactions, and provide financial services in a bank?
A) Bank teller
B) Loan officer
C) Financial advisor
A. Who is a Bank teller?
What is the term for writing a check for more money than is available in your account?
A) Overdrawing
B) Overdrafting
C) Bouncing a deposit
B. What is Overdrafting?
What is the term for the interest earned on both the initial deposit and previously earned interest?
A) Simple interest
B) Fixed Interest
C) Compound interest
C. What is Compound interest?
What is a three-digit number that represents your creditworthiness?
A) Interest rate
B) Credit score
C) Loan balance
B. What is a credit score?
What is the term for money set aside for unexpected expenses?
A) Sinking fund
B) Emergency fund
C) Backup savings
B. What is an emergency fund?
Who is responsible for evaluating and approving or denying loan applications at a bank?
A) Financial analyst
B) Loan officer
C) Accountant
B. Who is a Loan officer?
What is the name of the number on a check that identifies your specific bank?
A) Account number
B) Check number
C) Routing number
C. What is the routing number?
What is the government-insured limit on deposits in a bank account under the FDIC?
A) $250,000
B) $100,000
C) $500,000
A. What is $250,000?
What is the term for the maximum amount of money a lender allows you to borrow on a credit card?
A) Credit limit
B) Credit balance
C) Credit ratio
A. What is the credit limit?
What budgeting method divides income into categories such as needs, wants, and savings?
A) 50/30/20 rule
B) Envelope system
C) Cash-only budget
A. What is the 50/30/20 rule?
What is the role of a financial advisor at a bank?
A) The person who helps clients manage their money, investments, and financial plans
B) The person who helps approves loans and credit applications
C) The person who helps oversee bank security systems
A. Who is the person that helps clients manage their money, investments, and financial plans?
What is the term for an account that allows you to withdraw money without prior notice?
A) Demand deposit account
B) Fixed deposit account
C) Restricted withdrawal account
A. What is Demand deposit account
What type of savings account requires a set deposit amount to remain untouched for a fixed period?
A) Regular savings account
B) Certificate of deposit (CD)
C) Money market account
B. What is Certificate of deposit (CD)?
What does APR stand for?
A) Annual Percentage Rate
B) Adjusted Payment Rate
C) Alternative Payment Rate
A. What is Annual Percentage Rate?
What is a recurring cost that does not change, such as rent or a car payment?
A) Fixed expense
B) Variable expense
C) Discretionary expense
A. What is a Fixed expense?
What position in a bank is responsible for managing employees, overseeing daily operations, and ensuring customer satisfaction?
A) Bank branch manager
B) Financial consultant
C) Loan processor
A. Who is the bank branch manager?
What does "NSF" stand for in banking?
A) Non-Sufficient Funds
B) Not Sufficient Finance
C) No Savings Found
A. What is Non-Sufficient Funds?
What is the term for withdrawing money from a savings account more than the allowed limit, resulting in possible fees?
A) Excessive withdrawal
B) Early withdrawal penalty
C) Overdraft fee
A. What is Excessive withdrawal?
What is a secured loan?
A) A loan with a fixed interest rate
B) A loan based only on credit score
C) A loan backed by collateral, such as a car or home
C. What is A loan backed by collateral, such as a car or home?
What is the term for tracking every dollar you earn and spend?
A) Expense tracking
B) Incremental budgeting
C) Zero-based budgeting
C. What is Zero-based budgeting?
What is the primary role of a Community Development Officer at a bank?
A) The person who approves loan applications and credit lines
B) The person who manages a bank branch and oversees daily operations
C) The person who works with local communities to promote financial literacy, small business growth, and access to banking services
C. Who is the person who works with local communities to promote financial literacy, small business growth, and access to banking services?