FM003-FM QUIZ 3: BANK PRODUCTS AND CREDIT INSTRUMENTS
Quiz by Harold Noga
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10 questions
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- Q1The follonwing are types of deposit accounts EXCEPT for:Savings depositsAll of the choices are correctTime depositsCurrent deposits45s
- Q2It is an interest bearing deposit account eld at a bank or other financial institutions that provide modest interest rate.Prepaid accountUITFChecking accounySavings account45s
- Q3It is a personal bank account which you can take money out of using cheque book.Savings accountCurrent accountTime deposit accountUITF30s
- Q4This type of ccount allows you to invest money at a set rate for a pre-set period of time.UITFSavings accountChecking accountTime deposit60s
- Q5Which of the following statements is correct about UITF?UITF stands for Universal Investment Trust FundUITF is not a trust fund.UITF is an individual account.UITF is transacted though a trust entity and considered medium or long-term investment.60s
- Q6It is a debt based arrangement between a business and a bnak to finance a capital expenditures or cover operational costs.Commercial loanCurrent loanShort term loanSavings loan120s
- Q7A cheque is called _______________ when the date mentioned on the cheque is yet to come. These types of cheques are issued on mutual agreement of payer and payee.Cross chequeMutilated chequePost dated chequeOpen cheque60s
- Q8A cheque is called _____________ when it is presented to the bank after the three months of duration. Any cheque remains valid up to three months duration.Open chequeCross chequePost dated chequeStale cheque60s
- Q9Credit cards allow bank customers to spend money by drawing on funds they have deposited at the bank while a debit cards allow consumers to borrow money from the card issuer up to a certain limit in order to purchase items or withdraw cash.TrueFalse60s
- Q10This type of cards spend only what you've already deposited into your account and reload anytime.Savings cardCredit cardsDebit cardsPrepaid cards45s