Chapter 4 and 5 (Banking)

Chapter 4 and 5 (Banking)

11th - 12th Grade

19 Qs

quiz-placeholder

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Chapter 4 and 5 (Banking)

Chapter 4 and 5 (Banking)

Assessment

Quiz

Business

11th - 12th Grade

Medium

Created by

Scott Schumacher

Used 2+ times

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19 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A safety deposit box is a safe way to store valuables in a banks vault.

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The following statement is true of Online banks?

Their low overhead costs allow them to pay higher interest rates on savings accounts.

Most of their services must be paid for with service charges.

Most interest banks also staff physical banks and branch offices.

They have high operating expenses because they must maintain enough staff to be available 24 hours a day.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What banking service ensures a financial institution will honor a check even if it exceeds the account balance?

stop payment order

money order

check certification

overdraft protection

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An example of a restrictive endorsement

Scott Schumacher

Mr. Scott Schumacher

Pay to the order of Mike Wolf, Scott Schumacher

For Deposit Only, Scott Schumacher

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

FDIC insures bank deposits in commercial banks for a maximum of?

$150,000

$250,000

$100,000

$300,000

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

On money loaned banks charge

more interest than what they pay on amounts in savings accounts

less interest than what they pay on amounts in savings accounts

same interest than what they pay on amounts in savings accounts

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is a disadvantage of a Certificate of Deposit(CD)?

Insured by FDIC

Require depositor to pay a fee to open account

Require depositor to leave money in the bank for a specified period of time

Interest rate is taxed at a higher rate.

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