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Banking Review (for 10/3/24 test prep.)

Quiz by Rebecca Booth

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54 questions
Show answers
  • Q1
    If a person makes a deposit of $10,000 or more into a bank account, which entity must the bank notify?
    US Treasury Department.
    Federal Deposit Insurance Corporation. (FDIC).
    State Banking Commission.
    Federal Reserve Board.
    30s
  • Q2
    What is the term for putting money into a savings account?
    Making a withdrawal
    Making a deposit.
    Balancing the account
    Verifying the account
    30s
  • Q3
    Why is it better to deposit money in a bank than keep it 'under the mattress'?
    Money in a savings account can be accessed any time during the day or night
    Money deposited in savings accounts are F.D.I.C. insured.
    Most savings accounts come with a free credit card
    Most savings accounts earn a guaranteed rate of interest
    30s
  • Q4
    What are money orders?
    Available for no fee at banks and retail stores
    A certified check used to pay a specified amount to a specific payee
    Distributed by the Treasury Department
    A purchased certificate to pay a specified amount to a specific payee.
    30s
  • Q5
    Under what condition will a bank continue to pay out money for the checks written by Ms. Sanchez?
    The financial institution has sufficient funds
    There is enough money in Ms. Sanchez's account to cover the amount of the checks.
    She maintains a good record of deposits and handles her account responsibly
    She uses checks from her checkbook
    30s
  • Q6
    What is the primary purpose of the National Credit Union Administration (NCUA)?
    Commercial banks
    Brokerage firms
    Savings banks
    Insures accounts in credit unions.
    30s
  • Q7
    What is a bank Certificate of Deposit?
    Certificate for deposits that are issued for half the face value
    Savings instrument that requires a deposit for a period of time during which the saver can withdraw money from the plan at any time without a penalty
    Cash deposit in a savings account that earns interest
    Savings instrument that requires a deposit for a period of time during which there is a penalty for withdrawals.
    30s
  • Q8
    Which financial product typically pays the highest rate of interest?
    Certificate of deposit.
    Common stock
    Savings account
    Money market account
    30s
  • Q9
    What should a person do first if their checkbook balance does not match their bank statement?
    Notify the bank in writing to adjust the statement.
    Adjust the balance in the checkbook to match the bank's balance
    Deposit sufficient funds to adjust the balance
    Determine that checks already written have cleared.
    30s
  • Q10
    What is the most liquid type of investment?
    A corporate bond
    A money market account.
    Real estate holding
    A certificate of deposit
    30s
  • Q11
    What should a person do if their expenses exceed their income in their budget?
    Open an IRA account.
    Ignore her budget until she has more income.
    Apply for a loan.
    Reduce or eliminate some expenses.
    30s
  • Q12
    Do all checking accounts pay interest?
    Checking accounts pay interest if the account balance does not fall below $300.00.
    Checking accounts never pay interest.
    All checking accounts pay interest.
    Some types of checking accounts pay interest.
    30s
  • Q13
    What should individuals do to be prepared for losing their job or a large medical expense?
    Pay credit card bills on time
    Maintain a checking account with sufficient funds
    Save at least three months of income.
    Prepare a budget
    30s
  • Q14
    Why is financial planning important?
    It helps eliminate risk on investments
    It helps achieve all personal goals
    It helps you to reach financial goals and protect your assets.
    It leads to higher expectations
    30s
  • Q15
    What is the first financial goal a recent college graduate should aim for?
    Creating a stock portfolio
    Establishing a fund for emergencies.
    Buying a house
    Buying a life insurance policy
    30s

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