Introduction To Banking Study Guide Questions And Correct Answers

Check register {Ans: A booklet for recording money put into (deposited) or removed from (withdrawn) an account.}Direct Deposit {Ans: When your employer pays you by electronically depositing money into your checking account}Endorsement {Ans: The act of signing the back of a check so you can deposit or cash it.}Savings account {Ans: A deposit account at a bank or credit union that usually pays you interest on your deposits.}Credit Card {Ans: A card that allows you to borrow money from a bank or credit union that can be used to purchase goods or obtain cash. Account holders pay interest on the money they borrow.}Money order {Ans: A way for people with no checking account to pay for things. A fee is charged every time you obtain one. Can be purchased at convenience stores.}Deposit Slip {Ans: A form prepared to record the deposit of cash or checks to a bank account.}Withdrawal {Ans: An example includes using your debit card at an ATM}Deposit account {Ans: Examples include a checking or savings account at a bank or credit union}Investment accounts {Ans: Accounts like stocks or bonds that are not FDIC insured.}E-Banking {Ans: The