iCEV 2

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

• Cash flow budgeting

• Debt restructuring

• Automated teller machine

• Overdraft protection

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 allows individuals to borrow against their home’s value to finance major expenses?

• Home equity loan

• Restructuring loan

• Refinancing loan

• Mortgage loan

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

• Commercial banks

• Credit unions

• Retail banks

• Savings and loan associations

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

• Online payment

• Direct deposit

• Deposit slip

• Electronic withdrawal

Which of the following is the definition of multifactor authentication?

• Storing cash in a fire-proof safe

• Training employees to identify fraudulent bank notes

• Restricting access to bank locations to authorized personnel only

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

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

• Brokerage firms

• Mortgage companies

• Investment banks

• Insurance companies

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

• Electronic movement of money

• Technology funds

• Financial electronic transaction

• Electronic funds transfer

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

• Safety deposit box

• Trust account

• Credit card

• Debit card

Which of the following is NOT a credit report mistake which can occur?

• Misinformation of personal records

• Recent public records

• Incorrect payment status

• Outdated information