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Q 1/30
Score 0
Money in a checking account is called a demand deposit.
60
False
True
Q 2/30
Score 0
A prepaid phone card is an example of a debit card.
60
False
True
30 questions
Q.
Money in a checking account is called a demand deposit.
1
60 sec
Q.
A prepaid phone card is an example of a debit card.
2
60 sec
Q.
A savings & loan association is a financial institution that is owned by its members.
3
60 sec
Q.
A finance company specializes in savings accounts and mortgage loans.
4
60 sec
Q.
Pawnshops will offer payday loans with high finance charges to desperate borrowers.
5
60 sec
Q.
A stop-payment order is a request that a bank or other financial institution not cash a particular check.
6
60 sec
Q.
You can write checks from a money-market account.
7
60 sec
Q.
According to the Truth in Savings Law, financial institutions have to guarantee you a minimum interest rate on your deposits.
8
60 sec
Q.
Overdraft protection is an automatic loan made to an account if the balance will not cover the checks written.
9
60 sec
Q.
A restrictive endorsement allows you to transfer a check to an organization or another person.
10
60 sec
Q.
Which of the following financial services is best suited for saving money over a period of years?
11
60 sec
Q.
Credit cards allow you to ____.
12
60 sec
Q.
Problematic financial businesses include each of the following EXCEPT ____.
13
60 sec
Q.
The Federal Deposit Insurance Corporation insures depositors against losing their money in the case of a ____.
14
60 sec
Q.
Compared with commercial banks, credit unions generally offer ____.
15
60 sec
Q.
To earn high interest rates on a certificate of deposit, you must accept all the following limitations EXCEPT ____.
16
60 sec
Q.
In which kind of savings plan does the interest rate vary from month to month?
17
60 sec
Q.
If you deposit $100 in an account with an annual interest rate of 6 percent compounded monthly, after 12 months you will have ____.
18
60 sec
Q.
When writing a check, include all of the following EXCEPT ____.
19
60 sec
Q.
The first step in balancing a checkbook is ____.
20
60 sec
Q.
Definition: an automatic deposit of an employee’s paycheck into a designated bank account
21
60 sec
Q.
Definition: the process in which interest is earned on both the principal and any previously earned interest
22
60 sec
Q.
Definition: a nonprofit financial institution that is owned by its members and organized for their benefit
23
60 sec
Q.
Definition: a card issued by a financial institution that allows you to withdraw money from your account or pay for purchases by deducting funds directly from your account
24
60 sec
Q.
Definition: a savings account in which the interest rate varies as market rates change
25
60 sec
Q.
Definition: the amount of interest that a financial institution would pay on a $100 deposit, after compounding, for one year
26
60 sec
Q.
Definition: a savings alternative in which money is left on deposit for a stated amount of time to earn a specific rate of return
27
60 sec
Q.
Definition: the percentage of increase in the value of savings from earned interest
28
60 sec
Q.
Definition: the signature of a payee on the back of a check
29
60 sec
Q.
Definition: a for-profit institution that offers a full range of financial services
