Download jeopardy - Northern Highlands

Banking
Unit
Review
The length of time you are
required to keep your money
in the account is known as
the ___________.
Term
JEOPARDY
A savings account which
requires you to keep your
money in the account for a
specific period of time is
known as a(n) ___________.
Certificate of Deposit or CD
JEOPARDY
What type of card allows you
to purchase something and
have the money taken
directly from your checking
account?
Debit card
JEOPARDY
A checking account is an
example of a ___________
Demand deposit
JEOPARDY
The total amount of
money in your bank
account is called
_____________
The balance
JEOPARDY
An electronic banking service
which enables you to have
your paycheck funds
automatically sent to your
bank account is known as
___________.
Direct deposit
JEOPARDY
Savings accounts and
certificates of deposit are
examples of ___________
Time deposits
JEOPARDY
An electronic banking service
which enables you to pay a
monthly or other recurring
bill automatically is known as
___________.
An automated payment
JEOPARDY
If you report a debit card
stolen or lost within ____
days of discovery, you are
not liable for unauthorized
use.
Two (2)
JEOPARDY
All other things being equal,
would you prefer a bank to
compound your interest daily,
monthly, quarterly, or
annually?
Daily
JEOPARDY
If you use a debit card to
purchase an item or service,
that is known as a(n)
______________ transaction.
Point of Sale (POS)
JEOPARDY
The amount of money your
bank account earns
depends on __(name one
factor)___.
Type of account,
Balance in the account, or
Interest rate
JEOPARDY
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.
Stored value card
JEOPARDY
If you don’t report a debit
card as stolen or lost within
____ days, you are liable for
ALL unauthorized uses.
Sixty (60)
JEOPARDY
The Federal Deposit
Insurance Corp (FDIC) insure
bank deposits for up to
$______ per account.
$250,000
JEOPARDY
The type of financial
institution that offers the
broadest range of services to
businesses and individuals is
known as a _____________.
Commercial bank
JEOPARDY
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.
Savings and loan associations, and
Mutual savings banks
JEOPARDY
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.
Credit union
JEOPARDY
This booklet where you write
all your checking account
entries is known as a(n)
______________.
Check register
JEOPARDY
This type of financial
institution specializes in loans
to consumers and small
businesses that are higher
risk or have low income/few
assets.
Finance company
JEOPARDY
This type of financial
institution specializes in loans
to purchase homes, and does
not usually offer deposit
services.
Mortgage company
JEOPARDY
Name three things you should
consider when comparing
financial institutions.
Favorable interest rates
Free or low cost checking
Will it loan me money
Is it FDIC or SAIF insured
Convenient locations
Other services
JEOPARDY
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)
_________.
Regular savings account
JEOPARDY
Name two types of errors that
you can discover when you do a
monthly reconciliation of your
checking account.
You forgot to enter a transaction
You made a calculation error
Your bank made a calculation error
Your bank (over)charged for some
service
JEOPARDY
The type of savings account
in which the interest rate
varies from month to month
is known as a(n) _________.
Money market account
JEOPARDY
The percent of increase in
the value of your savings
from earned interest is
known as the __________.
Rate of return
JEOPARDY
The process of earning
interest on both the principal
and also on any prior interest
earned is known as _______.
Compounding
JEOPARDY
The term for the amount of
interest that a $100 deposit
would earn after compounding
for one year is known as
_______.
Annual Percentage Yield (APY)
JEOPARDY
Name two things you should
consider when opening a
checking account.
Restrictions such as a minimum
balances
Fees and charges
Favorable interest rates
Special services
JEOPARDY
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 ___________.
Overdraft protection
JEOPARDY
If you want your bank to not
pay a particular check you
wrote, you would issue a(n)
___________.
Stop payment order
JEOPARDY
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) ________.
Restrictive endorsement
JEOPARDY
The person or company to
whom you make your check
out to is known as the
_________.
Payee
JEOPARDY
Let’s Play Final
Jeopardy
Name as many examples of services
offered by a bank as you can.
Savings accounts
CDs
Checking accounts
Loans (mortgages, car loans, personal
loans)
Credit cards
Insurance
Investments
Tax assistance
Financial planning
JEOPARDY