Banking Review 2023
Quiz by Mitzi Glasgow
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- Q1
The greatest gain on your principal is received if interest is compounded ___________.
Annually
Semiannually
Quarterly
Daily
30s - Q2
This makes regular savings easier . . .
Savings accounts
Automatic payroll deduction
Certificates of deposit
Money market accounts
30s - Q3
Which of the following is a condition determining how much money you will save?
All of these
Anticipated wants and needs
Importance of savings
Amount of discretionary income
30s - Q4
If liquidity is important to you, which of the following savings options would you not want to consider?
Savings account
Certificate of deposit
Money market account
All of these are acceptable
30s - Q5
A savings account at a credit union is called a ____.
Savings club
Money market account
Share account
Certificate of deposit
30s - Q6
An endorsement in full is also called a ____.
Restrictive endorsement
Joint endorsement
Blank endorsement
Special endorsement
30s - Q7
What may be a disadvantage of any type of interest-bearing bank account?
It earns no interest.
The minimum monthly balance requirement may be high.
It is available only to senior citizens.
A fee is charged for each check processed.
30s - Q8
Writing the words "For Deposit Only" on the back of a check before your name constitutes which type of endorsement?
Joint
Blank
Restrictive
Special
30s - Q9
The FDIC insures deposits up to how much?
$100,000
$250,000
$200,000
$50,000
30s - Q10
Which of the following offers the most liquidity?
regular savings
an automobile
certificate of deposit
a home
30s - Q11
Which of the following is not a benefit of direct deposit?
Your money is available in your account faster.
You can have part or all of your deposit put into your savings.
You are paying yourself first.
Your money earns more interest than in any other type of savings plan.
30s - Q12
Of the following items, which pays the highest total interest when deposits are withdrawn at irregular times?
compounded annually
compounded quarterly
compounded daily
compounded monthly
30s - Q13
Beth, Brenda, Tom, and Lew each deposited $1,000 in a savings account at their local bank on the same day. After two years from the date of the deposit, the friend who had the most money is one whose bank compounded interest?
Yearly
Weekly
Daily
Monthly
30s - Q14
A(n) _________________ is a report that accounts for the differences between a bank statement and a checkbook balance.
bank reconciliation
money market account
certificate of deposit
endorsement
30s - Q15
A debit card allows you to __________________.
pay for purchases directly from your checking or savings account
borrow money for a short term
protect your checks from thieves
spend more money than you have in your account
30s