Chapter 8

Question 1

A financial institution licensed to receive deposits and provide financial services

Answer 1

Bank

Question 2

independent federal agency that issues deposits in credit unions up to 250,000

Answer 2

National Credit Union Administration

Question 3

people who dont have bank accounts

Answer 3

Unbanked

Question 4

people who have savings or checking accounts but still use alternative financial products and services

Answer 4

Underbanked

Question 5

how quickly you can access the money in an account or the value of an asset without a penalty or fee

Answer 5

Liquidity

Question 6

also called a ledger; a lines and divided journal to record checking account activity

Answer 6

Checking Account Register

Question 7

option to allow automatic electronic deposit of your paycheck

Answer 7

Direct Deposit

Question 8

the process of making sure you and the bank agree on how much money is in your checking account

Answer 8

Reconciling