iCEV Review 1

Which of the following allows customers to borrow money from a financial institution up to a certain limit?

• Trust Account

• Credit Card

• Debit Card

• Safety Deposit Box

The electronic movement of money from one account to another is known as which of the following?

• Electronic funds transfer

• Electronic movement of money

• Financial electronic transaction

• Technology Funds

Which institution assists individuals in buying and selling securities among investors?

• Brokerage Firms

• Mortgage companies

• Investment Banks

• Insurance companies

Which of the following allows customers to have their paycheck electronically deposited directly into their account?

• Deposit slip

• Direct deposit

• Electronic withdrawal

• Online payment

Which of the following allows individuals to borrow against their home’s value to finance major expenses?

• Restructuring loan

• Home equity loan

• Refinancing loan

• Mortgage loan

Which of the following is the definition of multifactor authentication?

• Training employees to identify fraudulent bank notes

• Storing cash in a fire-proof safe

• Requiring more than one method of credential authentication to verify a user’s identity for a transaction

• Restricting access to bank locations to authorized personnel only

Which of the following is a line of credit issued to customers to cover checks or debits exceeding the amount in their account?

• Overdraft protection

• Debt restructuring

• Cash flow budgeting

• Automated teller machine

Taking out a loan starts with which of the following?

• Gathering all personal assets

• Comparing institution loan rates

• Recording all transactions

• Assigning a beneficiary

Which of the following institutions may be owned by shareholders OR members?

• Credit unions

• Retail banks

• Savings and loan associations

• Commercial banks

Which of the following types of loan is issued when the borrower promises an asset of equal or higher value for the loan?

• Interest loan

• Peer-to-peer loan

• Pay day loan

• Collateralized loan