Unit 19

Question 1

an account that allows the owner to make deposits, write checks, and withdraw money

Answer 1

What is a checking account

Question 2

a written order for the bank to pay a spesific amount to the party whom te check is written to

Answer 2

what is a check

Question 3

a card that allows the user to electronically access funds in his or her account at an ATM or pay for goods and services from a business

Answer 3

what is a debt card

Question 4

What is a straticgy for using money to reach important goals and to advance financial security

Answer 4

savings plan

Question 5

What is a bank account used by depositers to accumulate money for future use

Answer 5

a savings account

Question 6

What is a check written for an amount greater than the balance of the account

Answer 6

overdraft

Question 7

what is a request for a financial institution to refuse to honor a check written

Answer 7

a stop payment order

Question 8

what is a special type of check that the back guarantees to pay

Answer 8

cashier’s check

Question 9

what is a personal check that the bank certifies is genuine and that there is enough money in the account to cover the check

Answer 9

certified check

Question 10

what is a payment order for a specific amount of money payable to a specific payee

Answer 10

a money order

Question 11

what is a payment order for a specific amount of money payable to a specific payee

Answer 11

a money order

Question 12

what is the special form of a check that functions as cash

Answer 12

traveler’s check

Question 13

What is the movement of money electronically from one financial institution to another

Answer 13

EFT

Question 14

How can you immediately transfer money from one person to another

Answer 14

P2P

Question 15

What is the signature on the back of a check

Answer 15

Endorsement

Question 16

what must be filled out when writing a check

Answer 16

date, name of payee, amount of the check in #, amount of the check in words, reason-memo, signature

Question 17

What is the endorsement that only requires the signature of the payee

Answer 17

Blank

Question 18

What is the endorsement where a check may be used for only a specific purpose,

Answer 18

Restrictive

Question 19

what is the endorsement used to transfer a check to another party

Answer 19

special

Question 20

What is the person, business, or organization to whom a check is written to called

Answer 20

payee

Question 21

what is a check written with a future date

Answer 21

a postdate check

Question 22

what is the record of checks, atm transactions, deposits and charges on an account called

Answer 22

a bank statement.

Question 23

What does it mean when you compare the check register to balance the checking account

Answer 23

Reconcile it

Question 24

What is the type of demand deposit account that pays interest and allows for regular deposits and withdrawals

Answer 24

Interest-Bearing savings account

Question 25

what is an account that pays a higher interest rate tan basic savings accounts

Answer 25

high-yield savings account

Question 26

what are the type of savings accounts that requires a higher minimum balance than a regular savings account, but offers a higher interest rate

Answer 26

money market account

Question 27

what is a savings account that requires a fixed deposit amount for a fixed period of time

Answer 27

certificate of decposit

Question 28

what is the purchasing of a financial product or valuable item with the goal of increasing wealth over time in spite of possible loss

Answer 28

Investing

Question 29

what is a plan that develops investment growth

Answer 29

personal investment plan

Question 30

what is a collection of securities and assets a person owns

Answer 30

investment portfolio

Question 31

what is the process of spreading risk by putting money in a variety of investments?

Answer 31

diversification

Question 32

what is an investment created by pooling the money of many people and investing it in a collection of securities

Answer 32

mutual fund

Question 33

What is the personal retirement investment account created by a person

Answer 33

individual retirement account --- IRA

Question 34

what is an individual retirement account that allows individuals to contribute pretax income to investments that with grow tax deferred

Answer 34

traditional ira

Question 35

what is an individual retirement account in which individuals contribute after-tax income and qualified withdrawals are not taxed

Answer 35

roth IRA

Question 36

what is a contract with an insurance company that provides regular income for a set period of time

Answer 36

annuity

Question 37

What is it that consists of the assets and liabilities a person leaves when he or she dies

Answer 37

an estate

Question 38

what is the active management of assets with directives for managing and distributing them when the owner dies

Answer 38

Estate planning

Question 39

Who is a person appointed to carry out the terms in someones will

Answer 39

executor

Question 40

what is the legal document stating a person wishes for his/her estate after death

Answer 40

will