Banking and Finance Terminology
10 Questions
3 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a demand deposit?

  • A deposit that can only be withdrawn on specific dates
  • A deposit that cannot be withdrawn
  • A deposit that can be withdrawn at any time without prior notice (correct)
  • A deposit that requires a notice before withdrawal

    • What does a canceled check indicate?

  • The transaction is complete (correct)
  • The check has bounced
  • The check has not been processed
  • The funds are on hold

    • What happens in an overdraft situation?

  • No withdrawal is allowed
  • Withdrawal of more money than available, resulting in a negative balance (correct)
  • The bank covers the extra amount withdrawn
  • Withdrawal of less money than available, resulting in a positive balance

    • What does check float refer to?

    <p>Time for check processing and fund transfer</p> Signup and view all the answers

    What is a joint account?

    <p>Bank account shared by two or more individuals</p> Signup and view all the answers

    What is the main characteristic of a demand deposit?

    <p>It can be withdrawn at any time without prior notice</p> Signup and view all the answers

    What is the primary feature of a certified check?

    <p>The bank guarantees it will clear</p> Signup and view all the answers

    What does check float refer to?

    <p>The time it takes for a check to be processed and funds transferred</p> Signup and view all the answers

    What happens in an overdraft situation?

    <p>Withdrawn amount exceeds available balance, resulting in a negative balance</p> Signup and view all the answers

    What distinguishes a cashier's check from other types of checks?

    <p>It is issued by a bank, guaranteeing the funds</p> Signup and view all the answers

    More Like This

    Banking Basics Workbook Quiz
    10 questions

    Banking Basics Workbook Quiz

    BlissfulRubellite avatar
    BlissfulRubellite
    Banking Glossary: Understanding Cheques
    64 questions

    Banking Glossary: Understanding Cheques

    MotivatedMalachite avatar
    MotivatedMalachite
    Banking Terminology Quiz
    6 questions

    Banking Terminology Quiz

    CheapestMendelevium avatar
    CheapestMendelevium
    Belize Banking: Basic Financial Terms
    11 questions

    Belize Banking: Basic Financial Terms

    NeatestDivisionism avatar
    NeatestDivisionism
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser