BankingBanking

Unit Unit

ReviewReview

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TermTerm

The length of time you are required to keep your money in the account is known as the ___________.

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Certificate of Deposit or CDCertificate of Deposit or CD

A savings account which requires you to keep your money in the account for a specific period of time is known as a(n) ___________.

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Debit cardDebit card

What type of card allows you to purchase something and have the money taken directly from your checking account?

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Demand depositDemand deposit

A checking account is an example of a ___________

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The balanceThe balance

The total amount of money in your bank account is called _____________

JEOPARDYDirect depositDirect deposit

An electronic banking service which enables you to have your paycheck funds automatically sent to your bank account is known as ___________.

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Time depositsTime deposits

Savings accounts and certificates of deposit are examples of ___________

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An automated paymentAn automated payment

An electronic banking service which enables you to pay a monthly or other recurring bill automatically is known as ___________.

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Two (2)Two (2)

If you report a debit card stolen or lost within ____ days of discovery, you are not liable for unauthorized use.

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DailyDaily

All other things being equal, would you prefer a bank to compound your interest daily, monthly, quarterly, or annually?

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Point of Sale (POS)Point of Sale (POS)

If you use a debit card to purchase an item or service, that is known as a(n) ______________ transaction.

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Type of account,Type of account,Balance in the account, or Balance in the account, or Interest rateInterest rate

The amount of money your bank account earns depends on __(name one factor)___.

JEOPARDYStored value cardStored value card

A prepaid card that you can spend for college books, bus/subway fares, school lunches, long distance telephone calls or similar services is known as a(n) _________________ card.

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Sixty (60)Sixty (60)

If you don’t report a debit card as stolen or lost within ____ days, you are liable for ALL unauthorized uses.

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The Federal Deposit Insurance Corp (FDIC) insure bank deposits for up to $______ per account.

$250,000$250,000

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Commercial Commercial bankbank

The type of financial institution that offers the broadest range of services to businesses and individuals is known as a _____________.

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Savings and loan associations, Savings and loan associations, and and

Mutual savings banksMutual savings banks

Name the two types of financial institutions that offers a broad range of banking services, but tends to specialize in savings accounts and mortgage loans.

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Credit unionCredit union

This type of financial institution is a not-for-profit organization that is owned by and serves only its members such as a labor union.

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Check registerCheck register

This booklet where you write all your checking account entries is known as a(n) ______________.

JEOPARDYFinance Finance companycompany

This type of financial institution specializes in loans to consumers and small businesses that are higher risk or have low income/few assets.

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Mortgage Mortgage companycompany

This type of financial institution specializes in loans to purchase homes, and does not usually offer deposit services.

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Favorable interest ratesFavorable interest rates

Free or low cost checkingFree or low cost checking

Will it loan me moneyWill it loan me money

Is it FDIC or SAIF insuredIs it FDIC or SAIF insured

Convenient locationsConvenient locations

Other servicesOther services

Name three things you should consider when comparing financial institutions.

JEOPARDYRegular savings account Regular savings account

The type of savings account that allows to make deposits or withdrawals whenever you want and pays a fixed rate of interest is known as a(n) _________.

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You forgot to enter a transactionYou forgot to enter a transaction

You made a calculation errorYou made a calculation error

Your bank made a calculation Your bank made a calculation errorerror

Your bank (over)charged for some Your bank (over)charged for some serviceservice

Name two types of errors that you can discover when you do a monthly reconciliation of your checking account.

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Money market account Money market account

The type of savings account in which the interest rate varies from month to month is known as a(n) _________.

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Rate of returnRate of return

The percent of increase in the value of your savings from earned interest is known as the __________.

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CompoundingCompounding

The process of earning interest on both the principal and also on any prior interest earned is known as _______.

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Annual Percentage Yield Annual Percentage Yield (APY)(APY)

The term for the amount of interest that a $100 deposit would earn after compounding for one year is known as _______.

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Restrictions such as a Restrictions such as a minimum balancesminimum balances

Fees and chargesFees and charges

Favorable interest rates Favorable interest rates

Special servicesSpecial services

Name two things you should consider when opening a checking account.

JEOPARDYOverdraft protectionOverdraft protection

A service in which your bank either loans you money or automatically transfers money to your checking account if you do not have sufficient funds to cover your check is known as ___________.

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Stop payment orderStop payment order

If you want your bank to not pay a particular check you wrote, you would issue a(n) ___________.

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Restrictive endorsementRestrictive endorsement

The type of endorsement where you can only deposit the money in your account since you wrote “For Deposit Only” above your signature is known as a(n) ________.

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PayeePayee

The person or company to whom you make your check out to is known as the _________.

Let’s Play Let’s Play Final Final JeopardyJeopardy

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Savings accountsSavings accountsCDsCDsChecking accountsChecking accountsLoans (mortgages, car loans, Loans (mortgages, car loans,

personal loans)personal loans)Credit cardsCredit cardsInsuranceInsuranceInvestmentsInvestmentsTax assistanceTax assistanceFinancial planningFinancial planning

Name as many examples of services offered by a bank as you can.