NGPF Banking Unit Test Questions with Correct Answers Latest Update 2025-2026
Bank Statement - Answers Monthly document from your bank that shows all transactions in
your account.
Check Cashing Store - Answers A business that cashes checks and gives the customer cash in
exchange for a fee.
Credit - Answers An increase to your account.
Debit - Answers A sum of money deducted from your account.
Debit Card - Answers A card that is used to deduct a purchase amount directly from your
checking account instead of drawing on a line of credit; also called "check card"
Digital Wallet - Answers An application that runs on mobile devices. It securely stores your
payment information and allows you to pay for items without physical cards.
Direct Deposit - Answers An automatic increase of net pay to an employee's bank account.
Endorse - Answers Sign the back of a check so that is can be deposited or cashed
Federal Deposit Insurance Corporation - Answers An agency that protects deposits of
customers again loss up to $250,000 per account
On-line Bill Pay - Answers A banking technology that allows you to schedule payments over the
internet
Overdraft Fee - Answers A charge to your account when you spend more money than you have.
Person to Person Payment - Answers A digital payment that transfers funds from your bank
account to someone else's bank account.
Prepaid Card - Answers A card that is loaded with a specific cash amount before you use it but
then looks and works like a credit card until the full value is spent.
Unbanked - Answers A term used to describe a person who does not have a bank account
Underbanked - Answers People who have savings or checking accounts but still use alternative
financial products and services
50-20-30 Rule - Answers A popular savings rule of thumb to divide your savings into different
categories
Certificate of Deposit - Answers A savings alternative in which money is left on deposit for a
stated period of time to earn a specific rate of return.
Compound Interest - Answers Reinvesting earned interest back into the principal to exponetially
Bank Statement - Answers Monthly document from your bank that shows all transactions in
your account.
Check Cashing Store - Answers A business that cashes checks and gives the customer cash in
exchange for a fee.
Credit - Answers An increase to your account.
Debit - Answers A sum of money deducted from your account.
Debit Card - Answers A card that is used to deduct a purchase amount directly from your
checking account instead of drawing on a line of credit; also called "check card"
Digital Wallet - Answers An application that runs on mobile devices. It securely stores your
payment information and allows you to pay for items without physical cards.
Direct Deposit - Answers An automatic increase of net pay to an employee's bank account.
Endorse - Answers Sign the back of a check so that is can be deposited or cashed
Federal Deposit Insurance Corporation - Answers An agency that protects deposits of
customers again loss up to $250,000 per account
On-line Bill Pay - Answers A banking technology that allows you to schedule payments over the
internet
Overdraft Fee - Answers A charge to your account when you spend more money than you have.
Person to Person Payment - Answers A digital payment that transfers funds from your bank
account to someone else's bank account.
Prepaid Card - Answers A card that is loaded with a specific cash amount before you use it but
then looks and works like a credit card until the full value is spent.
Unbanked - Answers A term used to describe a person who does not have a bank account
Underbanked - Answers People who have savings or checking accounts but still use alternative
financial products and services
50-20-30 Rule - Answers A popular savings rule of thumb to divide your savings into different
categories
Certificate of Deposit - Answers A savings alternative in which money is left on deposit for a
stated period of time to earn a specific rate of return.
Compound Interest - Answers Reinvesting earned interest back into the principal to exponetially
