Banking

The best way to make sure money is deposited into your account is to use a ….

•  Restrictive Endorsement
• Personal Endorsement
• Blank Endorsement
• Special Endorsement

Which type of payment is most trustworthy?

• Personal Check
• Certified Check

If you withdraw more money than you have in your checking account you might be charged

• An underdraft fee
• an overdraft fee
• a check cashing fee
• with a small loan fee

When must you sign a deposit slip?

• when you receive cash back
• when you deposit any amount of cash
• when you deposit more than $100
• when you deposit more than $10,000

If you earn $300 in interest on money you keep in a savings account, the interest . . .

• Will be taxed as income at the same rate as your income from your job.
• Will be taxed as income at a higher rate than income from your job
• Will not be taxed as income
• Will be taxed as income at a lower rate than income from your job

The memo line on a check is . . .

• Where you sign your name
• Optional
• Where you should write the amount
• Where you should write the check number

If you have $500,000 dollars, what would be the best way to deposit your money to make sure it is insured by the FDIC?

• Deposit all $500,000 in an NCUA insured Credit Union
• Deposit $250,000 in one FDIC insured Bank and $250,000 in a separate FDIC insured bank.
• Deposit $400,000 in an a checking account at a FDIC insured Bank and $100,000 in a NCUA insured Credit Union.
• Deposit all $500,000 in a checking account at a FDIC insured Bank

Which type of account functions like a savings account but requires higher deposits to open and maintain the account?

• Certificate of Deposit
• Super Savings Account
• FDIC Savings Account
• Money Market Account

The process of bringing your checkbook register into agreement with the bank statement.

• Withdrawal
• Deposit
• Reconciliation
• Endorsement

A money order is a ___________ and is a safe way to send payment through the mail.

• Check
• Certificate
• Electronic payment