Banking TEST

Front

Which of the following is NOT a common feature of a financial institution? access to ATMs, direct deposit, debit cards

Back

investment trading

Front

Which of the following is NOT a common feature of a financial institution? direct deposit, paper checks, access to investment advice, checking and savings accounts

Back

access to investment advice

Front

Which of the following statements about check cashing companies is TRUE?
- They have limited operating hours during the day.
- They sometimes offer free services.
- They charge high fees.
- They delay when you can access your cash.

Back

They charge high fees.

Front

Savings accounts typically offer more interest than what type of account?

Back

checking account

Front

Which type of bank account is best for everyday transactions?

Back

checking account

Front

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

Back

True

Front

Which savings account will earn you the most money? Options: one that compounds interest daily, one that compounds interest monthly, one that earns simple interest daily, one that earns simple interest monthly

Back

one that compounds interest daily

Front

Why is it important to reconcile your bank statements?

Back

to avoid spending more than what is in your account, to detect any errors in your account, to determine if you were charged any fees

Front

How can you avoid spending more than what is in your bank account?

Back

Keep your own records to compare with your financial institution's records.

Front

What should you do before you withdraw money from the ATM?

Back

Inspect the ATM to make sure it wasn't tampered with.