ATM Quiz: Test Your Knowledge of Banking Terms

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Questions and Answers

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?

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?

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?

Manage a bank account holder's funds Signup and view all the answers

What is a canceled check?

A check that has been paid or cleared by the bank Signup and view all the answers

Match the following banking terms with their definitions:

Credit Card = A card that allows the holder to make purchases without cash by borrowing money Debit Card = A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check Deposit = Money you put into your account Direct Deposit = An automatic electronic deposit of net pay to an employee's designated bank account Signup and view all the answers

Match the following overdraft terms with their definitions:

Overdraft Fee = A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyway Overdraft Protection = A loan banks offer to their customers when they try to withdraw more funds than they have in their account, usually for a fee and with interest Signup and view all the answers

Match the following card types with their functions:

Credit Card = Allows the holder to make purchases without cash by borrowing money Debit Card = Directly connected to your checking account; enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check Signup and view all the answers

Match the following deposit types with their definitions:

Deposit = Money you put into your account Direct Deposit = An automatic electronic deposit of net pay to an employee's designated bank account Signup and view all the answers

Match the following terms related to bank account with their definitions:

Overdraft Fee = A fee charged when account lacks the funds to cover a withdrawal, but the bank allows the transaction to go through Overdraft Protection = A loan banks offer when customers try to withdraw more funds than they have in their account, usually for a fee and with interest Direct Deposit = An automatic electronic deposit of net pay to an employee's designated bank account Deposit = Money you put into your account Signup and view all the answers

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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Description

Test your knowledge of ATM and banking terms with this quiz! Learn about topics such as balances, bank statements, and canceled checks. Challenge yourself and expand your understanding of financial terminology.