Financial Planning 2.03 2022

Brian recently got his first part-time job as a food bagger at a local grocery store. He needs a safe place to store his income that allows him to withdraw money easily and frequently. Brian should consider opening which type of account?

• savings

• checking

• health savings

• individual retirement

Proofing, encoding, capturing, and sorting are all steps in which banking process?

• check payment

• checking

• health savings

• individual retirement

The direction of a client's cash and securities by financial services company usually an investment bank, or an individual is know as:

• lockbox

• a vendor lease

• private placement

• asset management

What type of service does a bank provide to a business that needs to borrow funds for a short period of time?

• mortgage

• line of credit

• installment loan

• certificate of deposit

What type of service might a bank provide a business that needs the flexibility to borrow different amounts of money at different times without having to reapply?

• mortgage

• installment loan

• certificate of deposit

• line of credit

A service that a bank provides to a company for the receipt of customers' payments, which are directed to a special post office box instead of directly to the company, is referred to as a/an: A

• lockbox

• vendor lease

• private placement

• asset management

Which type of protection ensures that a check, ATM, wire transfer, or debit card transaction will clear if the account balance falls below zero?

• asset

• liability

• overdraft

• system

The electronic clearance and settlement system used for financial transactions by U.S. commercial banks and other institutions is called the:

• Federal Reserve System (FRS)

• automated clearing house (ACH)

• automated teller machine (ATM)

• Federal Deposit Insurance Corporation (FDIC)