Banking and Financial Institutions Exam UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

Banking and Financial Institutions Exam
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS
Account number - CORRECT ANSWER the number a bank gives to an individual account.



Balance - CORRECT ANSWER The total amount of money in a banking account at any given
time.



Check - CORRECT ANSWER a handwritten document used to pay for purchases using funds
in a personal checking account



Checking account - CORRECT ANSWER an account where paper checks or debit cards are
used to withdraw money deposited into an account to pay for items



Check register - CORRECT ANSWER A personal record book used to keep track of all
transactions in your checking account



Compound interest - CORRECT ANSWER interest calculated on both the principal and the
accrued interest



Debit card - CORRECT ANSWER a card (usually plastic) that enables the holder to withdraw
money or to have the cost of purchases charged directly to the holder's bank account



Deposit - CORRECT ANSWER to put money into an account



Deposit slip - CORRECT ANSWER A slip of paper kept by the bank to show how much money
you put into your account.



Endorse - CORRECT ANSWER to write a signature on the back of a check