Ch 4 Review
____ deposits include checking accounts and other payment methods.
Demand
Share draft accounts at a credit union
are interest bearing
specific stop payment order given to a bank is designed to
avoid paying a specific check that is lost or stolen
A _________ union is a user-owned, nonprofit, financial institution that is organized for the benefit of its members
credit
Share accounts are typically offered by
credit unions
When you sign the back of the check, this is a
endorsement
A _________ fund is an account used for savings offered by investment companies
money market
A _________ savings bank is owned by depositors and specializes in savings and mortgages
mutual
A __________ and loan association traditionally specializes in savings accounts and mortgage loans
savings
A __________ ticket or slip is used to add funds to a checking account
ticket
lost or stolen credit cards rather than the rules for lost or stolen debit cards. In that case, if the card holder notifies the bank within two days of the lost card, the maximum liability is
$50
APY
Annual Percentage Yield
ATM
Automated Teller Machine
Which 3 of the following deposit-type institutions serve as financial intermediaries
Credit unions Commercial banks Savings and loan
Another name for an asset management account is
a cash management account
A savings plan that requires a certain amount of money to be left for a stated time period to earn a specific rate of return and imposes penalty for early withdrawal is called
certificate of deposit
Which one step below is NOT a step in the check-writing process?
endorsing the check on the reverse
Place the steps to writing a check in rank order from first to last. This is taken directly from the text: (a) Record the amount of the check in figures or numbers; (b) Write the amount of the check in words; (c) Sign the check; (d) Note the reason for the payment; (e) Write the name of the person receiving the funds; (f) Record the date
f, e, a, b, c, d