Money Management B - Final Review

How does a bank make money as a business?

• They don't earn money. It is charitable work.
• They lend out your money to others and collect interest
• They sell ads to customers
• The government subsidizes all

What is the name of the periodic report sent to accountholders, detailing the transactions that have occurred during the month?

• Brokerage Memo
• Account Newsletter
• Brief
• Statement

What is the difference between an account deposit and a withdrawal?

• A deposit is money going in. A withdrawal is money coming out.
• A deposit is money going out. A withdrawal is money coming in.
• There is no difference.
• A withdrawal earns interest. A deposit does not.

What is a service charge?

• They money paid to an account holder for banking with the company.
• The dividend paid in the savings account.
• The fee charged to the account holder for banking services.
• The amount of interest owed to the customer.

There are three parties involved when writing a check: drawee, payee, drawer. Which party is the banking institution?

• Drawee
• Payee
• Drawer
• Signature

On the bottom of a check is a series of numbers. What do they represent?

• The customer's account number, social security number and check number.
• The bank's routing number, the customer's account number and the check number.
• The IRS banking code and the customer's account balance.
• The drawee's account balance, and the bank's routing number.

Which of the following is a poor example of a strong password for online financial accounts?

• QWERTY1!
• ADKviadnf83!49d
• Stew@rd!54
• ApplEp!344-

What action could you take if you suspected fraud on your bank account?

• Ignore it
• Contact the customer service number on your statement.
• Continue using your account as normal so you can claim your purchases as fraud too.
• Leave your current passwords the same.

What is the difference between gross pay and net pay?

• Gross pay is after taxes. Net pay is before taxes.
• Gross pay is before taxes. Net pay is after taxes.
• Gross pay is only contributions to brokerage accounts. Net pay is only what is taxed.
• Gross pay is the same at net pay.

Simon works at a fast food restaurant 16 hours each week, earning $12 per hour. What would be the expected total for his two-week gross paycheck?

• $16*12*1
• $16*12*2
• $16*16*2
• $16*16*1