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Which term refers to a document prepared by a financial institution that shows all of the transactions related to your bank account?
Which term refers to a document prepared by a financial institution that shows all of the transactions related to your bank account?
- Balance
- Canceled Check
- Bank Statement (correct)
- ATM
What is the purpose of a check register?
What is the purpose of a check register?
- To view your account balance
- To withdraw money from an ATM
- To make purchases using a debit card
- To keep track of checks you have written, ATM/debit card transactions, deposits and withdrawals (correct)
What is a debit card?
What is a debit card?
- A card that holds your check register, checks, deposit slips, receipts, and other records
- A card that is directly connected to your checking account (correct)
- A card that shows all of the transactions related to your bank account
- A card that allows you to withdraw money from an ATM
What does an ATM allow you to do?
What does an ATM allow you to do?
What is a canceled check?
What is a canceled check?
Match the following banking terms with their definitions:
Match the following banking terms with their definitions:
Match the following overdraft terms with their definitions:
Match the following overdraft terms with their definitions:
Match the following card types with their functions:
Match the following card types with their functions:
Match the following deposit types with their definitions:
Match the following deposit types with their definitions:
Match the following terms related to bank account with their definitions:
Match the following terms related to bank account with their definitions:
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Study Notes
Banking Terminology
- A bank statement is a document prepared by a financial institution that shows all of the transactions related to your bank account.
- A check register is used to keep track of your checking account balance by recording all deposits, withdrawals, and transactions.
Payment Cards
- A debit card is a payment card that deducts money directly from your bank account when you make a purchase.
ATM Functionality
- An ATM (Automated Teller Machine) allows you to withdraw cash, deposit funds, and check your account balance.
Check Processing
- A canceled check is a check that has been paid by the bank and then marked as cancelled, ensuring it cannot be reused.
Banking and Overdraft Terms
- Overdraft: occurs when you spend more money than you have in your bank account.
- Overdraft protection: a service that transfers funds from one account to another to prevent overdrafts.
- Overdraft fee: a charge imposed by the bank for overdrafts.
- NSF (Non-Sufficient Funds) fee: a charge imposed by the bank when you attempt to make a transaction with insufficient funds.
Card Types and Functions
- Credit card: allows you to borrow money from the bank to make purchases, with the promise to repay the loan with interest.
- Debit card: deducts money directly from your bank account when you make a purchase.
Deposit Types
- Direct deposit: an electronic transfer of funds directly into your bank account.
- Wire transfer: an electronic transfer of funds from one account to another.
Bank Account Terms
- Account balance: the amount of money currently in your bank account.
- Account holder: the person or entity that owns a bank account.
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