Financial Institutions and Banking Quiz

Maya, Aria, and Anika are discussing about saving their pocket money. Maya suggests they should put their money in a financial institution. What could be a benefit of doing so?

• Interest earned

• Service fee for cashing checks

• Trouble establishing credit

• No fees

David, William, and Henry are discussing the disadvantages of not having a bank account. David mentions a particular disadvantage. What could that be?

• Service fee for cashing checks

• Interest earned

• Trouble establishing credit

• No fees

Avery, David, and Zoe are planning to start a small business and they need to open a bank account for it. What is the minimum age required in the United States to legally open a bank account?

• 14

• 16

• 18

• 21

Benjamin received his bank statement and noticed some discrepancies with his checkbook register. What is the process called that Benjamin should use to bring his checkbook register into agreement with the bank statement?

• Endorsing checks

• Deposit

• Withdrawal

• Reconciliation

David wants to send money to his friend Jackson. He is considering using a system that processes electronic monetary transactions. Which system should he use?

• Direct deposits

• Wiring of funds

• Remote deposits

• Automated Clearing House (ACH)

Maya is considering switching to online banking, but Emma reminded her of the benefits of traditional banking. What is one such benefit that Emma could have mentioned?

• 24-7 availability

• Confidence in privacy & security

• Convenience

• Ease of updating transaction records

Aria, Grace, and Luna are discussing the benefits of online banking. Luna mentions a particular benefit that convinces Aria to start using online banking. Which benefit might Luna have mentioned?

• Availability of expert advice & customer service

• Convenience

• Confidence in privacy & security

• More familiar for some

Nora went to her local bank branch to perform some transactions. Mason told her that traditional banking has certain costs. What is one such cost that Nora might face?

• Access limited to banking hours

• More paper to file

• Possible account fees

• Time to learn system

Benjamin recently started using online banking. What could be a potential cost for him?

• Reduced relationship with his bank

• More paper to file

• Access limited to banking hours

• Possible account fees

Lily, Evelyn, and Priya are discussing their financial habits. Lily and Evelyn have bank accounts, but Priya does not. What could be a disadvantage for Priya?

• Increased security

• Access to online banking

• Difficulty in managing finances

• Lower fees