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Module Test - BANKING

Quiz by Pa'Trice Day Owens

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30 questions
Show answers
  • Q1
    Money deposited into a checking account from an employer is called a demand deposit.
    True
    False
    60s
  • Q2
    A prepaid phone card is an example of a debit card.
    True
    False
    60s
  • Q3
    A credit union is a financial institution that is owned by its members.
    True
    False
    60s
  • Q4
    Annual Percentage Yield (APY) is money you pay the credit card company.
    True
    False
    60s
  • Q5
    Check Cashing Outlets and Pawn Shops offer Payday Loans with high finance charges to desperate borrowers.
    False
    True
    60s
  • Q6
    A stop-payment order is a request that a bank or other financial institution not cash a particular check.
    False
    True
    60s
  • Q7
    You can withdraw money from a money-market account with out penalities.
    False
    True
    60s
  • Q8
    When choosing a savings institution, convenience, fees and location should be a major consideration
    True
    False
    60s
  • Q9
    Overdraft protection is an automatic loan made to an account if the balance will not cover the checks you wrote, Debit cards purchases or automatic payments online.
    True
    False
    60s
  • Q10
    A restrictive endorsement allows you to transfer a check to an organization or another person.
    True
    False
    60s
  • Q11
    Which of the following financial services is best suited for saving money over a period of years (long term goal)?
    mortgage loan
    direct deposit
    certificate of deposit
    checking account
    60s
  • Q12
    Credit cards allow you to...
    spend only the amount in your account
    transfer money between accounts on-line
    protect your checks from thieves
    borrow money for a short term
    60s
  • Q13
    Problematic financial businesses include each of the following EXCEPT
    rent-to-own centers
    check cashing outlets
    pawnshops
    Credit Unions
    60s
  • Q14
    The Federal Deposit Insurance Corporation insures deposits in accounts for up to %250,000 in the case of a
    lost debit card
    bank failure
    stolen paycheck
    death in the family
    60s
  • Q15
    Compared with commercial banks, credit unions, which are non profit, generally offer
    fewer financial services
    higher interest rates on savings
    lower fees and loan rates
    higher interest rates on loans
    60s

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