Banking Quiz Review

Banking Quiz Review

Multiple Choice

Another name for an overdraft fee is non-sufficient funds.

• true

• false

Multiple Choice

When writing a check, it is a good idea to use

• pencil

• erasable pen

• blue or black ink pen

• red pen

Multiple Choice

What do you call the process of bringing your checkbook register into agreement with the bank statement?

• Withdrawal
• Deposit
• Reconciliation
• Endorsement

Multiple Choice

You should keep your pin number in your wallet.

• True
• False

Multiple Choice

What agencies insure banks and credit unions?

• IRS and DHS
• DHS and FDIC
• FDIC and NCUA
• NCUA and FICA

Multiple Choice

What is one difference between Banks and Credit Unions?

• Banks have Checking accounts and Credit Unions have Savings Accounts
• Banks are for profit.  Credit Unions are Non-profit.
• Banks can give loans and Credit Unions cannot
• Credit Unions allow everyone to join and Banks are selective

Multiple Choice

Taking more money out of your account than is available​ is called?

• Overdraw
• Deposit
• Withdraw
• Balance

Multiple Choice

Future Value is the before amount while Present Value is the after amount.

• TRUE

• FALSE

Multiple Choice

Gross pay is always higher than net pay.

• TRUE

• FALSE

Multiple Choice

Jo makes a $4500 investment at 3.1% interest compounded quarterly for 4 years. It grows to $5091.64. Identify the FV.

• 3.1%

• $5091.64

• 4 times a year

• $4500.00

Multiple Choice

Ben is going to start saving $55 a month. He wants to know how much money he would have in 20 years when he will be 38. He thinks he can invest it and earn an average of 8% per year. What would be the N value you would use for this problem in the financial calculator?

• 20

• 240

• 12

• 1200

Multiple Choice

Ben is going to start saving $55 a month. He wants to know how much money he would have in 20 years when he will be 38. He thinks he can invest it and earn an average of 8% per year. What would be the PV you would enter in your financial calculator?

• 20

• 55

• 0

• 8

Multiple Choice

Ben is going to start saving $55 a month. He wants to know how much money he would have in 20 years when he will be 38. He thinks he can invest it and earn an average of 8% per year. (Use a financial calculator or app to solve)

• $684.75

• $162487.05

• $32396.12

• $1172.53

Multiple Choice

How much should Addyson start saving per month, at a 12% interest rate, if she wants a million dollars in 50 years, at age 68? (Use financial calculator to solve).

• $15512.73

• $25.60

• $3.91

• $155.60