Search Header Logo

Banking Quiz

Authored by Shelly Culp

Business

12th Grade

Used 3+ times

Banking Quiz
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a stop-payment order?

A request to cancel a check before it is cashed

A request to increase the credit limit

A request to open a new account

A request to change account details

Answer explanation

A stop-payment order is specifically a request to cancel a check before it is cashed, preventing the funds from being withdrawn. This is crucial for stopping unauthorized or lost checks.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a certified check?

A personal check verified by the bank

A check used for international payments

A check that cannot be cashed

A check that is postdated

Answer explanation

A certified check is a personal check that the bank verifies and guarantees, ensuring that the funds are available. This makes it a secure form of payment, unlike the other options listed.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of a bank statement?

To provide a summary of account transactions

To apply for a loan

To open a new account

To increase credit limit

Answer explanation

A bank statement provides a summary of account transactions, detailing deposits, withdrawals, and balances over a specific period. This helps account holders track their financial activity.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is a payee in banking terms?

The person to whom a check is written

The person writing the check

The bank issuing the check

The person endorsing the check

Answer explanation

In banking terms, a payee is the person to whom a check is written. This means they are the recipient of the funds, distinguishing them from the check writer, the bank, or the endorser.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a special payment service?

Cashier’s check

Certified check

Money order

Savings account

Answer explanation

A savings account is a type of deposit account used for saving money, not a special payment service. In contrast, cashier’s checks, certified checks, and money orders are all payment services.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a money order?

A check for any amount

A payment order for a specific amount payable to a specific payee

A type of loan

A form of electronic payment

Answer explanation

A money order is a payment order for a specific amount that is guaranteed and payable to a specific payee, making it a secure method of payment. This distinguishes it from checks, loans, and electronic payments.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must a customer do to open a checking account?

Verify identity, fill out forms, and sign a signature card

Only fill out forms

Just sign a signature card

Provide a deposit

Answer explanation

To open a checking account, a customer must verify their identity, fill out the necessary forms, and sign a signature card. This ensures compliance with banking regulations and protects both the bank and the customer.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?