Banking Review (for 10/3/24 test prep.)
Quiz by Rebecca Booth
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
54 questions
Show answers
- Q1If 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
- Q2What is the term for putting money into a savings account?Making a withdrawalMaking a deposit.Balancing the accountVerifying the account30s
- Q3Why 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 nightMoney deposited in savings accounts are F.D.I.C. insured.Most savings accounts come with a free credit cardMost savings accounts earn a guaranteed rate of interest30s
- Q4What are money orders?Available for no fee at banks and retail storesA certified check used to pay a specified amount to a specific payeeDistributed by the Treasury DepartmentA purchased certificate to pay a specified amount to a specific payee.30s
- Q5Under what condition will a bank continue to pay out money for the checks written by Ms. Sanchez?The financial institution has sufficient fundsThere 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 responsiblyShe uses checks from her checkbook30s
- Q6What is the primary purpose of the National Credit Union Administration (NCUA)?Commercial banksBrokerage firmsSavings banksInsures accounts in credit unions.30s
- Q7What is a bank Certificate of Deposit?Certificate for deposits that are issued for half the face valueSavings 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 penaltyCash deposit in a savings account that earns interestSavings instrument that requires a deposit for a period of time during which there is a penalty for withdrawals.30s
- Q8Which financial product typically pays the highest rate of interest?Certificate of deposit.Common stockSavings accountMoney market account30s
- Q9What 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 balanceDeposit sufficient funds to adjust the balanceDetermine that checks already written have cleared.30s
- Q10What is the most liquid type of investment?A corporate bondA money market account.Real estate holdingA certificate of deposit30s
- Q11What 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
- Q12Do 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
- Q13What should individuals do to be prepared for losing their job or a large medical expense?Pay credit card bills on timeMaintain a checking account with sufficient fundsSave at least three months of income.Prepare a budget30s
- Q14Why is financial planning important?It helps eliminate risk on investmentsIt helps achieve all personal goalsIt helps you to reach financial goals and protect your assets.It leads to higher expectations30s
- Q15What is the first financial goal a recent college graduate should aim for?Creating a stock portfolioEstablishing a fund for emergencies.Buying a houseBuying a life insurance policy30s