Personal Finance 4.05 Banking Quiz Practice

What is the amount of money in a bank account called?

• Debit

• Check register

• Account total

• Balance

Which of the following is less important to consider when choosing a bank?

• The number of employees at each branch

• The financial services the bank offers

• The types of accounts the bank offers

• The distance between the bank and your home

Which type of check endorsement includes text that states you shouldn't be responsible if its funds are insufficient?

• Blank endorsement

• Qualified endorsement

• Restrictive endorsement

• Special endorsement

Which of the following is a right that's given to anyone who has a bank account?

• The right to be told what fees or minimum balances an account has

• The right to refuse to pay overdraft fees

• The right to change the minimum balance on the account

• The right to write an unlimited number of checks

What is direct deposit?

• A deposit you make at an ATM

• An interest payment from the bank

• A deposit you make between two bank accounts

• A deposit an employer makes into an employee's account

Which of the following might a bank do to ensure customers' money stays in the bank?

• Set very low interest rates

• Allow customers unlimited withdrawals

• Require minimum balances

• Refuse to offer interest

What does the FDIC do?

• Provides insurance on money in bank accounts

• Regulates national interest rates

• Prints currency

• Provides bank account information to customers

What is an exchange rate?

• How much bonds are worth when they're exchanged with cash

• How much dollars are worth when they are exchanged with coins

• How much a currency is worth when it's exchanged with another country's currency

• How much bills are worth when they're exchanged with cash

If it's important to you to talk to a bank employee, which transaction method should you choose?

• Direct deposit

• Online

• Bank branch

• Funds transfer

Which of the following is typically not a feature of checking accounts?

• ATM transactions

• Interest

• A debit card

• A minimum balance