FREE AND STUDY GAMES ABOUT PERSONAL FINANCE

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FREE AND STUDY GAMES ABOUT PERSONAL FINANCE

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -29 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Voided check

Answer:

A check with "VOID" written across it that make it non-negotiable.

Question 2: Interest

Answer:

A fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card.

Question 3: Credit

Answer:

A sum of money deposited INTO an account. You can use a credit to charge merchandise or borrow money.

Question 4: Reconcile

Answer:

To "balance" your checking account with your monthly statement from the bank.

Question 5: Prepaid card

Answer:

A card that is loaded with a specific cash amount before you use it but then looks and works like a credit card until the full value is spent.

Question 6: Pin

Answer:

Personal Identification Number needed to use an ATM card.

Question 7: ATM

Answer:

Automatic Teller Machine. Allows a customer to get out physical currency from their account

Question 8: Person to person payment (P2P)

Answer:

An online process that allows you to send money directly from your checking account to a friend via email or cell phone.

Question 9: Outstanding deposit

Answer:

A deposit that has been made but not yet added to the person's bank account.

Question 10: Cancelled check

Answer:

Checks the bank has paid. They will appear on your bank statement.

Question 11: Debit card

Answer:

A plastic card that enables you to do ATM transactions and to make purchases instead of using cash or writing a check.

Question 12: Endorse

Answer:

To sign the back of a check made out to you so it can be cashed or deposited.

Question 13: Overdraw

Answer:

To write a check or make a withdrawal when there isn't enough money in the account to pay for it.

Question 14: Statement

Answer:

The monthly record of your account transactions sent to you by your bank.

Question 15: Check

Answer:

A written order to the bank that tells it to take a stated amount of money from your account and pay it to another.

Question 16: Deposit

Answer:

Money you put into your account.

Question 17: Outstanding check

Answer:

A check that has been written but not yet deducted from the person's bank account.

Question 18: Balance

Answer:

The amount of money that you have in your bank account

Question 19: Check register

Answer:

A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.

Question 20: Credit card

Answer:

A card that allows the holder to make purchases without cash by borrowing money

Question 21: Signature card

Answer:

A card used when opening a new account that includes name, address, birth date, etc.

Question 22: Checkbook

Answer:

A handy portfolio that holds your check register, checks, deposit slips, receipts, and other ATM/debit card transactions.

Question 23: Debit

Answer:

A sum of money deducted from your account.

Question 24: Payee

Answer:

The person to whom the check is made payable.

Question 25: Bank statement

Answer:

the bank's accounting of your transactions

Question 26: Post-date

Answer:

To write a future date on a check.

Question 27: Direct deposit

Answer:

Your employer automatically deposits your paycheck into your account.

Question 28: Deposit slip

Answer:

A form you fill out to credit money to your account when you make a deposit.