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Banking Terminology . Self-Study for Basic Econ Final Basic Economics (Lewis/Phipps). Banking Terminology Self-Study Instructions. The question will be first – click the mouse to see the answer Clicking the mouse a 2 nd time will move you on to the next question

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banking terminology

Banking Terminology

Self-Study for Basic Econ Final

Basic Economics (Lewis/Phipps)

banking terminology self study instructions
Banking Terminology Self-StudyInstructions
  • The question will be first – click the mouse to see the answer
  • Clicking the mouse a 2nd time will move you on to the next question
  • Review as many times as you need to
banking terminology self study
When you deposit or cash a check you are required to turn it over and sign the check (taking responsibility for the check). What is that called?

Endorsement

Banking Terminology Self-Study
banking terminology self study2
You would rent this at a bank in order to keep important documents (passports, birth certificates, tax returns, etc.) safe.

Safe Deposit Box

Banking Terminology Self-Study
banking terminology self study true or false2
The FDIC (Federal Deposit Insurance Corporation) insures depositor’s funds up to $100,000 per depositor per bank.

True or False?

True

Banking Terminology Self-StudyTrue or False
banking terminology self study true or false3
If your account is overdrawn you are not responsible for paying the money back to the bank if you don’t want to.

True or False?

False

Banking Terminology Self-StudyTrue or False
banking terminology self study acronyms or what do these letters mean1
EFT

Electronic Funds Transfer

Banking Terminology Self-StudyAcronyms (or what do these letters mean?)
banking terminology self study acronyms or what do these letters mean2
Payer

The person who writes a check

Banking Terminology Self-StudyAcronyms (or what do these letters mean?)
banking terminology self study acronyms or what do these letters mean3
CD

Certificate of Deposit (you guarantee the bank that you will keep the funds on deposit for a certain length of time and they will pay you higher interest)

Banking Terminology Self-StudyAcronyms (or what do these letters mean?)
banking terminology self study multiple choice choose best answer s
Which of the following are most likely to be kept in your safe deposit box?

passport

birth certificate

checking account statement

copies of your will

Passport,

birth certificate,

copies of your will

Banking Terminology Self-StudyMultiple Choice - choose best answer (s)
banking terminology self study multiple choice choose best answer s1
Bill accepted Sue’s personal check for some work he did for her. Bill endorsed it on the back and deposited it into his bank. The check (for $100) bounced and the bank charged Bill $10.00. Which if the following is true?

The bank is out the $100.00.

The bank has to contact Sue if they want their money.

Bill can collect the $100 from Sue but he has to take responsibility for the $10 fee.

Bill can collect both the $100 and the $10 fee from Sue.

Bill can collect both the $100 and the $10 fee from Sue

Banking Terminology Self-StudyMultiple Choice - choose best answer (s)
banking terminology self study multiple choice choose best answer s2
What kind of account are you investing in if you put in money for a set period of time (and can not withdraw it early without a penalty)?

Checking account

Certificate of Deposit

Savings account

Money Market account

Certificate of Deposit

Banking Terminology Self-StudyMultiple Choice - choose best answer (s)
banking terminology self study multiple choice choose best answer s3
The bank can put a “hold” on any checks you deposit until the check (funds) clears. Which of the following statement(s) is true?

A. The bank has to tell you if they are putting a hold on your funds.

B. The bank has to tell you how many days they are holding the funds.

C. The bank uses your bank account history and the amount & kind of check to determine if they will hold your funds.

D. If you write a check that comes in before the hold expires, the bank can bounce your check.

E. All of the above

E. All of the above

Banking Terminology Self-StudyMultiple Choice - choose best answer (s)
banking terminology self study multiple choice choose best answer s4
If you go bankrupt, which of the following happens? (May be more than one correct answer)

A. Your credit rating is negatively affected for 7 years

B. You still owe the creditors money but have more time to pay it back

C. Bankruptcy discharges (clears) your debts

A & C

Banking Terminology Self-StudyMultiple Choice - choose best answer (s)
banking terminology self study multiple choice choose best answer s5
Which of the following are examples of collateral? (May be more than one correct answer)

A. The loan company has their name on the pink slip for your new car

B. The loan company has their name on the mortgage to your house

C. The bank puts a “hold” on your savings account for the amount of money you borrow

D. The bail bondsman asks for a percentage of your bail up front in order to insure that you show up for court

E. You loan money to your friend with a verbal agreement and a handshake

A, B, C, D

Banking Terminology Self-StudyMultiple Choice - choose best answer (s)