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Bank Exam Modified
Banking and Finance Test Modified
| Question | Answer |
|---|---|
| Money | something generally accepted as a medium of exchange, a measure of value or a means of payments |
| Currencies | system of money in general use in a country |
| Cash | form of legal tender which can be used to exchange goods, debt or services |
| Debit Card | payment card which provides the cardholder electronic access to their bank account |
| Credit Card | payment card issued by a bank to cardholders as a method of payment |
| Personal Check | slip of paper which allows the user to make a payment from his or her bank account to a business or individual |
| FDIC | created to insure bank deposits after the major monetary losses that helped begin the Great Depression |
| Interest | the amount of money paid by a customer to a financial institution for borrowing money through a loan, credit card, etc. |
| Required Minimum Balance | least amount required to be kept on deposit in a bank account |
| Credit Score | represents creditworthiness in a person, which is the likelihood he/she will pay debts in a timely manner |
| Installments | buyer gains use of the commodity immediately and pays for it in periodic payments |
| Lump Sum | single sum of money which serves as complete payment |
| Application Fee | money paid to the bank or mortgage company to cover expenses of processing a loan application |
| Credit Check | when a potential lender buys a copy of one’s credit history to determine whether or not he/she is someone with the ability and character to repay a debt |
| Net Worth | total assets minus liabilities or debt |
| Service Fees | you usually do not have to pay these if you have the advantage of a checking and savings account at the same bank |
| Term | known as the length of time you have to pay the loan back in full to the lender |
| ATM | Used to withdraw cash from a checking account. |
| Balance | An amount available or owed on an account. |
| Check | An order to pay another person an amount of money from your account. |
| Debt | The amount you owe on a loan. |
| Deposit | Money placed into an account. |
| Expense | Anything you spend money on. |
| Income | Money earned through work. |
| Overdraft | Credit extended from a financial institution when an account has insufficient funds. Usually results in a fee. |
| Ethics | set of standards of conduct that guide decisions and actions based on duties derived from core values |
| Who is responsible for restoring your credit when you identity is stolen? | yourself |
| What is stealing of a person’s financial information, such as credit cards and Social Security number, with the intent to make purchases under the person’s identity? | Identity Theft |
| What is strong, usually irresistible impulse to perform an act against a person’s usual behavior? | Compulsive Behavior |
| What is the sudden, involuntary inclination prompting one to take an action which is not well thought-out? | Impulse |
Created by:
Mr.Johnston
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