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Questions and Answers
What does it mean to pay back someone?
What does it mean to pay back someone?
What does paying down a debt involve?
What does paying down a debt involve?
What does it mean to pay off a debt?
What does it mean to pay off a debt?
What is implied when someone says their insurance plan will 'pay out'?
What is implied when someone says their insurance plan will 'pay out'?
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What does it mean to pay up?
What does it mean to pay up?
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What is the primary function of an ATM?
What is the primary function of an ATM?
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What does the term 'assets' refer to?
What does the term 'assets' refer to?
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What does 'interest' mean in financial terms?
What does 'interest' mean in financial terms?
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What is a cleared check?
What is a cleared check?
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What does 'identity theft' involve?
What does 'identity theft' involve?
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What is a transaction in banking?
What is a transaction in banking?
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What is the purpose of a portfolio?
What is the purpose of a portfolio?
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What is a deposit in banking terms?
What is a deposit in banking terms?
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Study Notes
Financial Terminology
- Access Code: A code or personal identification number used to access accounts.
- ATM (Automatic Teller Machine): A machine dispensing money and debiting accounts.
- Assets: Valuable property owned by an individual or organization, often used to secure loans.
- Balance: The total amount of money in an account or amount due on a bill.
- Cleared Checks: Checks processed and paid by the banking system.
- Deposit: Putting money into a bank account.
- Dividends: Cash paid for using money or as a share of profits; distributed to members of credit unions.
- E-Statements: Online bank statements accessible online.
- Identity Theft: Using someone else's personal information for fraudulent activities.
- Interest: The charge or payment for borrowed money.
- Member Number: An account number used for organizations like credit unions.
- Portfolio: Securities or ownership of stocks held by an investor.
- Surcharge: An additional cost or tax, often applied to out-of-network ATMs.
- Transaction: A withdrawal, transfer, or deposit of funds.
- Transfer: Moving funds from one account to another.
- Volatile Market: An unstable stock market with erratic changes.
Financial Actions (Paying)
- Pay back: To repay a debt or get revenge.
- Pay down: To reduce a debt, or pay a portion of a total price at the time of a purchase.
- Pay off: To fully repay a debt, or bribe someone.
- Pay out: To distribute money or wages.
- Pay up: To pay money owed, often in context of a bet or bill.
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Description
Test your knowledge of key financial terms with our Financial Terminology Quiz. Covering essential concepts from banking to investments, this quiz will help reinforce your understanding of the financial world. Whether you're a beginner or looking to brush up on your finance terms, this quiz is for you.
