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Banking Pt. 2

Quiz by Darla McGuire

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15 questions
Show answers
  • Q1
    What is the benefit of direct deposits for employees?
    Direct deposits earn a higher rate of interest
    The money is generally deposited in their checking account sooner than it would be if they had to deposit it in person.
    There is a small fee for the service
    The danger of losing a paycheck is slightly reduced
    30s
  • Q2
    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
    Savings instrument that requires a deposit for a period of time during which there is a penalty for withdrawals.
    Cash deposit in a savings account that earns interest
    30s
  • Q3
    Which type of financial institution does the National Credit Union Administration (NCUA) insure?
    Credit unions.
    Brokerage firms
    Savings banks
    Commercial banks
    30s
  • Q4
    Are safe-deposit boxes free for accounts with large deposits?
    Available at all banks
    A free benefit for accounts with deposits starting at $50,000
    Convenient and accessible at any hour of the day or evening

    No, they are not free for anyone but charge a yearly fee.

    30s
  • Q5
    What condition allows a financial institution to continue paying out money for checks written by Ms. Sanchez?
    The financial institution has sufficient funds
    She uses checks from her checkbook
    She maintains a good record of deposits and handles her account responsibly
    There is enough money in Ms. Sanchez's account to cover the amount of the checks.
    30s
  • Q6
    What are money orders?
    A purchased certificate to pay a specified amount to a specific payee.
    Available for no fee at banks and retail stores
    Distributed by the Treasury Department
    A certified check used to pay a specified amount to a specific payee
    30s
  • Q7
    Why is it better to deposit money in a savings account than to keep it 'under the mattress'?
    Most savings accounts earn a guaranteed rate of interest.
    Money deposited in savings accounts are F.D.I.C. insured.
    Most savings accounts come with a free credit card.
    Money in a savings account can be accessed any time during the day or night.
    30s
  • Q8
    What is the term used for putting money into a savings account?
    Making a withdrawal
    Making a deposit.
    Balancing the account
    Verifying the account
    30s
  • Q9
    What is the best advice for someone writing a check for the first time?
    Use pencil to permit changes.
    Make the check payable to cash.
    make sure to sign the check
    Date the check because it is usually proof of payment.
    30s
  • Q10
    If a person makes a deposit of $10,000 or more into a bank account, the bank must notify which organization?
    US Treasury Department.
    State Banking Commission.
    Federal Reserve Board.
    Federal Deposit Insurance Corporation (FDIC).
    30s
  • Q11
    What is a benefit of safe-deposit boxes?
    Convenient and accessible at any hour of the day or evening
    Available at all banks
    A free benefit for accounts with deposits starting at $50,000
    Safe and can be accessed only by the owner of the box
    30s
  • Q12
    What is the best financial product for predictable income?
    Real estate
    Stock
    Certificate of deposit
    Option/future contract
    30s
  • Q13
    What type of account typically requires a deposit for a specific period during which withdrawals come with a penalty?
    Cash deposit in a savings account that earns interest
    Certificate for deposits issued for half the face value
    Certificate of Deposit.
    Savings instrument that requires a deposit for a period with no penalty
    30s
  • Q14
    What should someone do if they find their checkbook balance does not match their bank's statement?
    Deposit sufficient funds to adjust the balance in the checkbook to match the bank's balance
    Determine that checks already written have cleared.
    Adjust the balance in the checkbook so it is the same as the bank's balance
    Notify the bank in writing to adjust the statement.
    30s
  • Q15
    What is the most liquid type of investment?
    A corporate bond
    A certificate of deposit
    A money market account.
    Real estate holding
    30s

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