Banking Terms – 100 A written order of a bank depositor upon a bank to pay a certain amount on demand to a specific party Check
Banking Terms – 200 A cash substitute for vacationing that is issued against loss or theft and that is sold by a bank Traveler's Checks
Banking Terms – 300 Credit Union A depository institution owned by its members and organized for their benefit
Banking Terms – 400 A depository institution that offers a full range of services such as checking, savings, and lending Commercial Bank
Banking Terms – 500 Tells how much interest a financial institution would pay on $100 for one year Annual Percentage Yield (APY)
Electronic Banking – 100 When your paycheck is put into your checking account automatically Direct Deposit
Electronic Banking - 200 A monthly payment or bill that comes directly out of your account Automatic Payment
Electronic Banking– 300 The actual card used to access an ATM machine Debit Card
Electronic Banking– 400 A computer terminal that lets you withdraw cash from your account, make deposits, and transfer money ATM
Prepaid cards that you can spend for long-distance calls, store gift certificates, etc. Stored Value Cards Electronic Banking – 500 Daily Double!
Savings Accounts – 100 Regular savings accounts are often referred to as this Passbook savings or time deposits
Savings Accounts– 200 A time deposit that requires you to leave your money in a financial institution for a set period of time (1 month, 3 months, 6 months, 1 year, etc.) If you withdrawal before that time, you receive a penalty. CD (Certificate of Deposit)
Savings Accounts– 300 Like a savings and checking account combined. Pays better interest than a regular savings, but allows you to write 3 checks each month. A higher balance is required. Money Market
Savings Accounts– 400 If you purchase a savings bond for $25, what will its face value be when it reaches maturity? $50
Savings Accounts– 500 What is an advantage to purchasing a CD? Better interest than a savings account Low risk compared to stocks
Signing a Check – 100 The proper term for signature Endorsement
Signing a Check– 200 The type of endorsement that is just your signature Blank Endorsement
Signing a Check– 300 The type of endorsement you use when you send a check through the mail to be deposited Restrictive Endorsement
Signing a Check – 400 Daily Double! Special (full) The type of endorsement you use when you want to transfer a check over to another party
Signing a Check– 500 If you are using a special endorsement, what do you write on the bank of the check? Pay to the order of Their signature Your signature
Checking – 200 A small booklet that you use to record the activity in your checking account Check Register
Checking– 400 Daily Double! Joint Account If you open a checking account with another person, what type of account is it?
Checking– 600 If a joint account is set up as an “and” account, can one person sign the check or do both people have to sign it? Both
Checking – 800 21-99 Which numbers have hyphens when you write them in words on a check
Checking– 1000 List all the items you fill in when writing a check Date, Who you are paying, Amount in figures and words, Your signature, memo
Deposits – 200 Insures each bank account up to $100,000 FDIC Federal Deposit Insurance Corporation
Deposits– 400 Coin Currency Checks When completing a deposit slip, what three categories are the deposits divided into?
Deposits– 600 What you need to remember to do when you are asking for cash back from a deposit slip Sign the slip
Deposits – 800 Bank routing number On a check, what is the number in the top right corner below the check number?
Deposits– 1000 List the four ways to list a check on a deposit slip Check number Payee’s name State bank is located Bank routing number
Balancing Your Checkbook – 200 What six types of checking transactions are listed on your bank statement? Checks, ATM’s, Deposits, Auto Payments Service Charge, Interest
Balancing Your Checkbook– 400 Stop Payment A request that a bank not cash a particular check
Balancing Your Checkbook– 600 Checks and deposits that have not cleared the bank Outstanding
Balancing Your Checkbook – 800 Reconciling The proper term for balancing your check register with your bank statement
Balancing Your Checkbook– 1000 What do you add and subtract from your check register when reconciling? Add the interest Subtract service charges
Banking Math – 200 Round.3972 to 2 decimal places.40
Banking Math– 400 32.40 *.05 = $1.62 32.40 + 1.62 = $34.02 If you buy something for $32.40 and the sales tax is 5%, what is the total of your purchase?
Banking Math– 600 If a bank loans you $1,500 for one year at 7.5% interest, how much would you have to repay? 1500 *.075 = 112.50 1500 + 112.50 = $1,612.50
Banking Math – 800 1,500 X.075 = 112.50 1500 + 112.50 = $1,612.50 1,612.50/12 = $134.38 What would your total monthly payment be on a one year $1,500 loan at 7.5% interest?
Banking Math– 1000 If you deposit $100 at 5% interest, how much will you have after 4 months? (100 *.05)/12 =.42 (100.42 *.05)/12 =.42 (100.84 *.05)/12 =.42 (101.26 *.05)/12 =.42 $101.68
Final Jeopardy List the steps for reconciling your check register with the bank statement (Parts A & B). 1. Determine whether any deposits are not on the bank statement (add these in) 2. List all outstanding deposits in order on the back of the bank statement and total them up (subtract the total)