FINANCE EXAM WITH CORRECT AND
VERIFIED ANSWERS YEAR 2024/2025
Account Fee - verified answers-The amount charged by a
financial institution for the services they provide in managing
the account.
This may also be called the monthly service fee.
Automated Teller Machine (ATM) - verified answers-A
specialized computer used by bank customers to manage their
money, for
example, to get cash, make deposits, or transfer money
between accounts
Bad Credit - verified answers-A situation in which lenders
believe that, due to a borrower's poor history of repaying his or
her debts,
further loans to this person would be especially risky.
Account Balance - verified answers-The exact amount of
money contained in a deposit account according to the bank.
This figure may be different that the amount shown in your own
credit records because of the checks you have written or
deposits you have made that have not been processed by the
financial institution.
Bank - verified answers-A financial institution that handles
money, including keeping it for saving or commercial purposes,
and
exchanging, investing, and supplying it for loans.
Bank account - verified answers-A banking service allowing a
customer's money to be handled and tracked. Common bank
accounts
are savings and checking accounts.
, Budget - verified answers-A monthly or yearly spending and
savings plan developed by a person, family, or business. A
written budget helps people to be better money managers and
to prepare for major or unexpected expenses.
Cancelled check - verified answers-A customer's check that the
bank has paid and charged against the check writer's account.
Cancelled
checks may be returned to the check writer with the monthly
bank statement, or they may be kept on film by the bank.
Charge Card - verified answers-Similar to a credit card, except
that a charge card requires the card holder to pay off the entire
balance
monthly
Check - verified answers-A written order instructing the bank to
pay a specific amount of money to a specific person or entity.
The check must contain a date, payee (person, company, or
organization to be paid), amount, and an authorized signature.
Check Register - verified answers-A small notepad you receive
when you open a checking account for the purpose of tracking
your
checks, deposits, and current balance.
Checking Account - verified answers-A bank account that
allows a customer to deposit and withdraw money and write
checks. Using a
checking account can be safer and more convenient than
handling cash.
Co-signer - verified answers-A second person who signs your
credit or loan application. Just like the borrower, the co-signer
on a loan is equally responsible for repaying the debt. Also
called a co-borrower.
VERIFIED ANSWERS YEAR 2024/2025
Account Fee - verified answers-The amount charged by a
financial institution for the services they provide in managing
the account.
This may also be called the monthly service fee.
Automated Teller Machine (ATM) - verified answers-A
specialized computer used by bank customers to manage their
money, for
example, to get cash, make deposits, or transfer money
between accounts
Bad Credit - verified answers-A situation in which lenders
believe that, due to a borrower's poor history of repaying his or
her debts,
further loans to this person would be especially risky.
Account Balance - verified answers-The exact amount of
money contained in a deposit account according to the bank.
This figure may be different that the amount shown in your own
credit records because of the checks you have written or
deposits you have made that have not been processed by the
financial institution.
Bank - verified answers-A financial institution that handles
money, including keeping it for saving or commercial purposes,
and
exchanging, investing, and supplying it for loans.
Bank account - verified answers-A banking service allowing a
customer's money to be handled and tracked. Common bank
accounts
are savings and checking accounts.
, Budget - verified answers-A monthly or yearly spending and
savings plan developed by a person, family, or business. A
written budget helps people to be better money managers and
to prepare for major or unexpected expenses.
Cancelled check - verified answers-A customer's check that the
bank has paid and charged against the check writer's account.
Cancelled
checks may be returned to the check writer with the monthly
bank statement, or they may be kept on film by the bank.
Charge Card - verified answers-Similar to a credit card, except
that a charge card requires the card holder to pay off the entire
balance
monthly
Check - verified answers-A written order instructing the bank to
pay a specific amount of money to a specific person or entity.
The check must contain a date, payee (person, company, or
organization to be paid), amount, and an authorized signature.
Check Register - verified answers-A small notepad you receive
when you open a checking account for the purpose of tracking
your
checks, deposits, and current balance.
Checking Account - verified answers-A bank account that
allows a customer to deposit and withdraw money and write
checks. Using a
checking account can be safer and more convenient than
handling cash.
Co-signer - verified answers-A second person who signs your
credit or loan application. Just like the borrower, the co-signer
on a loan is equally responsible for repaying the debt. Also
called a co-borrower.
