2. BankingUnitReview

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

4. JEOPARDY Certificate 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) ___________.

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

6. JEOPARDY Demand deposit A checking account is an example of a ___________

7. JEOPARDY The balance The total amount of money in your bank account is called _____________

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

9. JEOPARDY Time deposits Savings accounts and certificates of deposit are examples of ___________

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

11. JEOPARDY Two (2) If you report a debit card stolen or lost within ____ days of discovery, you are not liable for unauthorized use.

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

13. JEOPARDY Point of Sale (POS) If you use a debit card to purchase an item or service, that is known as a(n) ______________ transaction.

14. JEOPARDY Type of account, Balance in the account, or Interest rate The amount of money your bank account earns depends on __(name one factor)___.

15. JEOPARDY Stored 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.

16. JEOPARDY Sixty (60) If you don’t report a debit card as stolen or lost within ____ days, you are liable for ALL unauthorized uses.

17. JEOPARDY The Federal Deposit Insurance Corp (FDIC) insure bank deposits for up to $______ per account. $250,000

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

19. JEOPARDY Savings and loan associations, and Mutual 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.

20. JEOPARDY Credit 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.

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

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

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

24. JEOPARDY Favorable interest rates Free or low cost checking Will it loan me money Is it FDIC or SAIF insured Convenient locations Other services Name three things you should consider when comparing financial institutions.

25. JEOPARDY 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) _________.

26. JEOPARDY You forgot to enter a transaction You made a calculation error Your bank made a calculation error Your bank (over)charged for some service Name two types of errors that you can discover when you do a monthly reconciliation of your checking account.

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

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

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

30. JEOPARDY Annual Percentage Yield (APY) The term for the amount of interest that a $100 deposit would earn after compounding for one year is known as _______.

31. JEOPARDY Restrictions such as a minimum balances Fees and charges Favorable interest rates Special services Name two things you should consider when opening a checking account.

32. JEOPARDY Overdraft 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 ___________.

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

34. JEOPARDY Restrictive 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) ________.

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

36. Let’s Play Final Jeopardy

37. JEOPARDY Savings accounts CDs Checking accounts Loans (mortgages, car loans, personal loans) Credit cards Insurance Investments Tax assistance Financial planning Name as many examples of services offered by a bank as you can.