Banking Quiz

All of these are basic reasons to put your money in a bank, except

• To help get a job

• To earn interest

• To keep it safe

• To make financial transactions easier

What is a bank?

• a retail shop that primarily sells food

• a financial institution, which is a fancy way of

  saying a business that stores and manages money for

  individuals and other businesses.

• a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rate

• a financial institution that facilitates the buying and selling of house and buildings

All of the following are types of banks, except

• Central

• Brokerage

• Retail

• Commercial

A check is...

• a savings certificate with a fixed maturity date and specified fixed interest rate that can be issued in any denomination aside from minimum investment requirements.

• a document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.

• a plastic payment card that can be used instead of cash when making purchases

• a payment card issued to users to enable the cardholder to pay a merchant for goods and services based on the cardholder's promise to the card issuer to pay them for the amounts plus the other agreed charges

What is an Automated Teller Machine?

• cash machine

• An ATM

• A machine to withdraw and deposit money

• All of the above

Account where money is kept for you to spend

• Deposit

• Withdrawal

• Checking account

Account where you save money for the future

• Checking account

• Savings Account

• Deposit

To put money into your bank account

• Withdrawal

• Deposit

• Balance

• Account

To take money OUT of your bank account

• Withdrawal

• Deposit

• Bank

• Account

All of the following are advantages of having a checking account, except

• Useful for direct deposit of your paycheck

• Access to online and mobile banking, ATMs, and the use of debit cards and checks to make

  purchases or withdraw funds from the account.

• Comes with an array of fees that an account holder may incur.

• Insured by the Federal Deposit Insurance Corporation, or FDIC, which ensures an account

  holder that his money is safely stored at the bank.