Economics > EXAM > EPF EXAM / QUESTIONS /VERIFIED ANSWERS (All)

EPF EXAM / QUESTIONS /VERIFIED ANSWERS

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Automatic Teller machine ATM - ANS -Specialized computer used by bank customers to manage their money (get cash, make deposits, check balances). Bad Check - ANS -A check written against an account with insufficient funds to cover it. Bank - ANS -A financial institution that handles money, including keeping it for saving or commercial purposes Check Register - ANS -A register where you list all bank transactions including deposits, checks, debit card purchases, ATM withdrawals, and bank fees. Checking Account - ANS -An account which allows the holder to write checks against deposited funds. Credit Union - ANS -Not for profit financial institution that is owned entirely by it's members. Debit Card - ANS -Plastic card used to deduct money from a checking account almost immediately primarily to pay for purchases; also known as a check card. Deposit Slip - ANS -A form that contains an account holder's information and allows money to be deposited into the correct account. Deposit - ANS -Money deposited in a bank or financial institution. Electronic funds transfer (EFT) - ANS -Uses a computer-based system that enables you to transfer money from one account to another in lieu of writing a check or exchanging cash. Endorse - ANS -Signing the back of a check, authorizing the check to be exchanged for cash or deposited. Federal Deposit Insurance Corporation (FDIC) - ANS -Independent agency of the U.S. government that protects customers from the loss of any deposit if the financial institution fails. The FDIC insures money up to $250,000 Federal Reserve - ANS -The central banking system in the United States which consists of the twelve regional banks, the Federal Reserve Board, and the Federal Open Market Committee. Forged Check - ANS -A check signed by someone else other than who is specified on the check without that person's permission. Interest (savings) - ANS -Money paid to you by the financial institution when you deposit funds there. Non-sufficient funds - ANS -Lack of money in an account to pay a payment. Overdraft Protection - ANS -Allows you to cover checks or withdrawals up to a specified amount if you have insufficient funds in the account.

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