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Intro to Depository Institutions Vocabulary Quiz
| Questions |
Answers |
| A machine that allows depository institution customers to complete certain transactions from the machine without the need for human assistance |
Automatic Teller Machine |
| Accounts offered by depository institutions whose main purpose is to help people manage their money |
Savings Tools |
| An account that allows quick access to funds for transactions |
Checking Account |
| An account at a depository institution that is designed to hold money not spent on current consumption |
Savings Account |
| For‐profit depository businesses that offer financial services to both consumers and other businesses |
Commercial Bank |
| Allows customers to complete certain transactions from a secured website by using a username and password from any place in the world with Internet access |
Online Banking |
| Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk |
Contactless Payment |
| Apps that many depository institutions have developed that allow online banking access from devices such as cell phones, tablets and other mobile devices |
Mobile Banking |
| Depository institutions that offer many banking services and are owned by their customers |
Credit Union |
| The percentage rate used to calculate interest |
Interest Rate |
| A plastic card that is electronically connected to the cardholder’s depository institution account |
Debit Card |
| The price paid for using someone else’s money |
Interest |
| Businesses that provide financial services |
Depository Institutions |
