What is overdraft protection?

Overdraft protection is a service that allows bank account holders to overdraw their accounts up to a specified limit.

Overdraft protection is a type of savings account that earns interest.

Overdraft protection is a loan that must be repaid immediately.

Overdraft protection is a fee charged for maintaining a bank account.

What is a traditional bank?

A traditional bank is a financial institution that provides services like deposits, loans, and transactions through physical branches.

A traditional bank only offers online services without physical branches.

A traditional bank is a government agency that manages public funds.

A traditional bank is a type of investment firm that focuses solely on stocks.

What is a investment bank?

An investment bank is a financial institution that helps clients raise capital and provides advisory services.

A government agency that regulates financial markets.

A retail bank that focuses on personal savings accounts.

A bank that only provides loans to individuals.

What is the difference between a investment bank and commercial bank?

Investment banks focus on corporate finance and advisory services, while commercial banks focus on personal and business banking services.

Investment banks provide retail banking services to individuals.

Commercial banks specialize in mergers and acquisitions.

Investment banks primarily offer savings accounts and loans.

A payee is the recipient of a payment.

A payee is the person who makes a payment.

A payee is a type of bank account.

A payee is a financial institution that processes payments.

What are the numbers at the bottom of a check?

Routing number and account number.

When referring to checks what is a Special Endorsement

A Special Endorsement allows the transfer of a check to another party by specifying a new payee.

A Special Endorsement is a type of check that cannot be transferred.

A Special Endorsement allows anyone to cash a check without restrictions.

A Special Endorsement is used to cancel a check.

what is a blank endorsement?

A blank endorsement allows the transfer of a negotiable instrument without specifying a payee.

A blank endorsement is only valid for checks issued by banks.

A blank endorsement specifies a payee for the negotiable instrument.

A blank endorsement requires the signature of the original payee.

what do you write out on a check?

Date, payee name, amount in numbers, amount in words, signature, memo (optional)

What goes in the Pay to order of a check?

The name of the person or entity receiving the check.

The date the check was written.

The amount of money being paid.

The signature of the check writer.

A function of banks is to

Calculate customer credit (FICO) scores

Determine the rate of inflation

Allow depositors to apply for passports

whats the difference between checking and saving accounts

A checking account is for daily transactions, while a savings account is for saving money.

A checking account earns higher interest than a savings account.

A savings account is used for daily transactions, while a checking account is for saving money.

Both accounts are used exclusively for online transactions.

what is a certificate of deposit?

A certificate of deposit is a time deposit account that offers a fixed interest rate for a specified term.

A type of loan with variable interest rates.

An investment in stocks with high returns.

A savings account with no withdrawal restrictions.

What is a check register

A check register is a record of all transactions in a checking account.

A check register is a summary of monthly expenses.

A check register is a document for applying for loans.

A check register is a type of bank statement.

type of check endorsements

The three types of check endorsements are blank endorsement, restrictive endorsement, and special endorsement.

what does insufficient funds mean?

It indicates that there are not enough available funds in an account.

It refers to a surplus of available funds.

It indicates a temporary hold on the account.

It means there are too many funds in an account.

what does NCUSIF mean?

National Credit Union Share Insurance Fund

National Credit Union Security Fund

National Credit Union Savings Insurance Fund

National Cooperative Union Share Insurance Fund

What doesn't the FDIC cover

The FDIC does not cover investments and certain financial products.

what is the Federal Reserve?

The Federal Reserve is the central banking system of the United States.

A global organization that sets international interest rates.

A government agency that regulates the stock market.

A private investment firm in New York.

What does the Federal Reserve do?

The Federal Reserve manages the nation's monetary policy and regulates financial institutions.

The Federal Reserve manages the country's military operations.

The Federal Reserve sets tax rates for individuals.

The Federal Reserve issues passports for citizens.

Banking Overview

Authored by Danyelle Owen

Business

9th - 12th Grade

Used 10+ times

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30 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Bank?

A bank is a building where cars are repaired.

A bank is a type of computer software.

A bank is a place where people store food.

A bank is a financial institution that facilitates monetary transactions.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some examples of Banks

PayPal

American Express

Examples of banks include JPMorgan Chase, Bank of America, Wells Fargo, Citibank, and HSBC.

Goldman Sachs

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage do banks pay interest on savings

0.01% to 3.00%

5.00% to 10.00%

0.5% to 1.5%

3.00% to 5.00%

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit union?

A credit union is a member-owned financial cooperative. (non profit)

A credit union is a government-owned bank.

A credit union is a for-profit financial institution.

A credit union is a type of insurance company.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

FDIC insures up to what per depositor?

$250,000

$500,000

$1,000,000

$100,000

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are some examples of credit unions?

Navy Federal, Bayport, Chartway

Bank of America

Wells Fargo

Chase Bank

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does FDIC stand for?

Federal Deposit Insurance Agency

Federal Deposit Insurance Corporation

Federal Deposit Insurance Council

Federal Deposit Investment Corporation

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Banking Overview

What is a Bank?

What are some examples of Banks

What percentage do banks pay interest on savings

What is a credit union?

FDIC insures up to what per depositor?

What are some examples of credit unions?

What does FDIC stand for?

Who gives the lowest interest rate when trying to receive a loan?

What is overdraft protection?

Overdraft fees are typically how much?

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