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Ch 2 Banking and Budgeting

Quiz by John Peters

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18 questions
Show answers
  • Q1
    What is one reason commercial banks are considered to be 'safe'?
    Because they are ran by the smartest money managers.
    Because they know a lot about money.
    Because they are FDIC insured.
    Because they have never lost any money before.
    30s
  • Q2
    When writing a check, which of the following is NOT required?
    the name of the payee
    an endorsement on the back
    the current date
    your signature on the front
    30s
  • Q3
    What could account for differences in balances in your checkbook and bank statement after reconciliation?
    Outstanding checks
    All of the above
    Outstanding deposits
    An error or omission
    30s
  • Q4
    What should your monthly budget include?
    Fixed expenses
    All of the above
    Money to blow
    Variable expenses
    30s
  • Q5
    If you borrowed $3,000 at 6% for 1 year, what would be the total amount you’d repay?
    $1,800
    $180
    $3,180
    $18,000
    30s
  • Q6
    What is a budget?
    a type of checking account
    a type of savings account
    a plan for how you will spend the money you earn or receive
    the amount of money the government taxes you
    30s
  • Q7
    Which of the following are examples of savings vehicles?
    simple savings accounts and loans
    loans, stocks, and CDs
    credit reports and stocks
    simple savings accounts and CDs
    30s
  • Q8
    What type of endorsement is NOT a form of endorsement?
    Blank Endorsement
    Death Endorsement
    Endorsement in Full
    Restrictive Endorsement
    30s
  • Q9
    What type of account would Harry best choose for saving for a laptop with higher interest?
    Money Market
    Stock Portfolio
    Regular Checking
    Certificate of Deposit
    30s
  • Q10
    The numbers listed at the bottom of a check represent what?
    Routing, account
    Telephone, Bank
    Check, PIN
    Routing, legal tender
    30s
  • Q11
    How many months of expenses should an emergency fund ideally cover?
    3 to 6 months of expenses
    1 month
    6 to 12 months
    1 to 2 months
    30s
  • Q12
    Which account would best fit Harry's need for a higher interest rate without needing access to the funds for 9 months?
    Regular Checking
    Certificate of Deposit
    Stock Portfolio
    Money Market
    30s
  • Q13
    What does the Federal Deposit Insurance Corporation (FDIC) insure against?
    losing their money in the case of a bank failure
    poor investment choices
    lost credit cards
    identity theft
    30s
  • Q14
    What types of fees can banks charge?
    no fees at all
    service fees such as maintenance fees, penalty fees, and overdraft fees
    only maintenance fees
    only penalty fees
    30s
  • Q15
    Where should your PIN not be written?
    on the back of your debit card
    on a piece of paper in your wallet
    somewhere safe and secure
    on the front of your debit card
    30s

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