MIDTERM QUIZ 2: THE DEPOSIT FUNCTION
Quiz by Harold Noga
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10 questions
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- Q1Deposits are money entrusted to banks for safekeeping and therefore depositors are called as _____________________.neutral partydebtorscreditorsborrowers45s
- Q2A year from now Ms. Xyz plans to establish a business venture thus she will be needing big amount of capital. In this regard she started opening an account in City Bank so that she can build rapport and credit trust for her capitalization need. Ms. Xyz's motive of depositing funds is:accommodationconveniencegain incomesafety45s
- Q3Demand deposits refers to all those liabilities of the Bangko Sentral and of other banks which are denominated in Philippine currency and are subject to payment in legal tender upon demand by the presentation of checks. This definition of deposit is in reference toNew Central Banking Law of 2000 Section 58 (R.A. 7653)New Central Banking Law of 2000 Section 58 (R.A. 7563)New Central Banking Law of 2000 Section 59 (R.A. 7643)New Central Banking Law of 2000 Section 58 (R.A. 7654)45s
- Q4When deposit himself brings his money and/or checks and other near cash items to the bank and hand them to the teller the type of deposit is called:personal depositsavings depositindirect depositprimary deposit30s
- Q5Mr. B decides to put his money to a bank as time deposit for him to earn considerable amount of interest. His motive for depositing his money is:accommodationgain incomeconveniencesafety of money45s
- Q6refers to the one responsible of paying out cash in exchange for checks and other instruments necessitating encashment.encashment tellerreceiving tellerdelivering tellerpaying teller30s
- Q7These are forms filled in by the depositor when he makes a deposit.checkdraftdeposit itemsdeposit slips30s
- Q8Deposits are significant to a bank for the reason that:increased investment as effect of large deposit accounts would benefit depositors through improved banking facilities and servicesdeposits enable banks to build up available loanable funds thus increase its chance for earning higher interest rateinterest earnings from deposits provides bigger returns for stockholders thus encourages them to invest moreall choices are correct60s
- Q9Special time deposits are type of time deposits backed by a passbook and can be withdrawn only upon due notice of at least 30 days or subject to bank policy.TrueFalse30s
- Q10Bank ATM means:Automated Transacting MediaAutomated Transacting MachinesAutomated Tellering MachinesAutomated Technology Mechanism45s