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Vocabulary 1
Vocabulary 2
17-1
17-2
17-3
100
supervise and regulates member banks and to help banks serve the public efficiently.
What is Federal Reserve System(Fed)
100
Service Charge
a fee bank charges for handling a checking account.
100
Member Banks
What are the names of the banks that join the FRS
100
What are electronic fund transfers?
What is referring to the use of computers and other technology for other banking activities.
100
Name the benefits that checking accounts provide for consumers.
-Convenience and ease of making payments -Safety to make payments with less risk than using cash -Proof of payment -Record or finances for managing your money
200
offer a wide range of financial services.
What is commercial bank
200
debit card
What is a cash card used for ATM transactions
200
Name banking activities that are often used.
Building houses, Starting Businesses, planting crops, finance educations, buying goods, paving streets, invest in retirement, build hospitals, and buy new business equipment.
200
Name four types of financial services.
Saving Services, payment services, lending services, electronic banking
200
Name the types of endorsements.
Blank, full, and restrictive.
300
a non-profit user owned cooperative financial instatution
What is credit union
300
endorsement
What is written evidence that you received payment or you transferred your right of receiving payment to someone else.
300
How many investors own shares of more mutual funds worldwide.
More than 15,000.
300
Name three types of checking accounts.
What is regular checking accounts, interest-earning checking account, special checking account, and comparing checking account.
300
What are the steps to determine your true balance in your account?
1. Subtract the total of the outstanding checks from the bank statement balance. 2. Add any deposits from transit to the balance statement balance. 3. Subtract service charges, fees, and automatic payments from your checkbook balance. 4. Add any interest earned to your check register balance.
400
Federal Deposit Insurance Corporation (FDIC)
Protects depositor's money in case of the failure of the bank or financial instution.
400
Written notice that tells the bank not to pay a certain check.
Stop Payment Order
400
What are the four types of banking services?
Savings accounts, checking and payment account, loans and other credit plans, other services such as a safe, deposit boxes, and trusts.
400
What are the evaluations you have to make when choosing a checking account?
-Minimum wage -Interest rate earned (if any) -Monthly service charge -Fees for other services such as printing checks and stop payment orders -Other restrictions
400
What are other types of payments?
-Certified checks -Cashier's checks -Traveler's checks -Money orders
500
storage of valuables
What is safe-deposit boxes
500
document created to show how the two balances were brought into agreement
What is bank reconciliation
500
Give a list of non-deposit institutions.
What is life insurance companies, investment companies, consumer finance companies, mortgage companies, check cashing outlets, and pawnshops.
500
What are the electronic options?
-Debit card transactions -Online payment -Store valued cards -Smart cards
500
What is a money order?
A form of payment that orders the issuing agency to pay the amount printed on the form to another party.