Personal Financial
A financial institution always keeps all of your money in the vault.
False
Visit the branch manager when you want to deposit your paycheck.
False
You need to have a checking account to use an ATM.
False
Select all the tasks associated with maintaining a checking account.
Record paycheck deposits in a check register. Balance the checking account. Record and subtract cash withdrawals from an ATM. Record and add interest.
Jen heard that the bank where she kept her money was going to close for good. Jen said she wasn't worried. Select the most likely reason that Jen wasn't worried.
She knew that her money was insured by the FDIC.
Jordan already has a checking account. She wants to deposit a check that she received from her aunt for her birthday. What should Jordan do?
Sign the back of the check, complete a deposit slip, and bring it to the teller.
deposit account
a bank account that lets you add money to the account
checkbook register
a booklet used to track deposits and withdrawals from a checking account
bank
a business and financial institution; a safe place to keep your money
debit card
a card that can be used to pay for products and services or be used at an ATM; looks similar to a credit card, but the payment amount is subtracted directly from an account
savings and loan
a financial institution that specializes in home loans
Mitchell does not have a checking account, but needs to pay a bill. By what means can Mitchell pay?
a money order
credit union
a nonprofit financial institution formed by a large corporation or organization for their employees and members
account verification
a process where banks check your credit history to make sure you will be a responsible account holder
financial institution
a public or private organization that collects and invests money and offers financial services
To get money from an ATM, you need _____.
an ATM card and a pin
money order
an order for the payment of a certain amount of money; resembles a check and is typically used to pay a bill
Two types of deposit accounts are _____.
checking and savings
A financial institution formed by a large corporation for their employees is a _____.
credit union
When selecting a financial institution that is the best for you, you should consider _____.
locations of banks and ATMs fees minimum balance services offered
If you want more information about services available at a bank, you can use the following resources.
printed material customer service representative bank teller loan officer bank web sites
The main types of financial institutions are _____.
savings and loans banks credit unions
When writing a check, you complete all of these steps except for _____.
signing the back of the check
payee
the person or company to which you are writing a check
