Practice English Vocabulary Exercises – Vocabulary for Banking and Finance: Operating an account

A. Match the formal phrases on the left with the informal phrases on the right.

B. Match the words with the parts of the cheque.

account number        amount in figures        amount in words        cheque number

logo        payee        signature        sort code

C. Answer the questions.

1   Who has this cheque been made out to? …………………………..

2   Has it been signed and dated? …………………………..

3   Is it crossed or uncrossed? …………………………..

4   Can it be paid into somebody else’s account? …………………………..

D. Choose the words to complete the sentences.

1   After they have been paid in, cheques usually take three working days to ………………………

      a   pass       

      b   credit       

      c   clear

2   When I write out a cheque, I keep a record by filling in the ………………………

      a   receipt       

      b   invoice       

      c   counterfoil

3   If you don’t have a cheque book, you can pay by getting a ……………………… from a branch of your bank.

      a   banker’s draft       

      b   bank paper       

      c   bank ticket

4   Unlike a personal cheque, a banker’s draft can’t ………………………

      a   be rejected       

      b   bounce       

      c   crash

5   A banker’s draft is also known as a bank draft or a ………………………

      a   banker’s cheque       

      b   banker’s note       

      c   banker’s ticket

6   If you need to borrow money, you can apply to your bank for an ………………………

      a   overdraft possibility       

      b   overdraft facility       

      c   overdraft opportunity

7   If you need to borrow more money from your bank, you can ask them to increase your ………………………

      a   overdraft limit       

      b   overdraft level       

      c   overdraft supply

8   If you want to borrow money from a third party*, you may have to supply a ………………………

      a   banker’s support       

      b   banker’s promise       

      c   banker’s reference

9   A banker’s reference proves to a third party that you are ………………………

      a   moneyed       

      b   creditworthy       

      c   rich enough

10   Regular automatic payments of the same amount (e.g. to a charity) are called ………………………

      a   standing orders       

      b   direct debits       

      c   direct orders

11   Regular automatic payments of varying amounts (e.g. electricity bills) are called ………………………

      a   standing orders       

      b   direct debits       

      c   direct orders

12   With my savings account, I have to ……………………… 30 days notice if I want to ……………………… a withdrawal.

      a   say / do       

      b   give / make       

      c   ask for / take

13   Many employees receive their salaries directly into their accounts by ………………………

      a   BACS payment       

      b   BATS payment       

      c   BAPS payment

14   BACS stands for Bankers Automated ………………………

      a   cheque system       

      b   cost system       

      c   clearing system

* “A third party” means another person or company