Unit 1 Banking Test

Which of the following is an example of a savings service?

• checking account

• credit card

• direct deposit

• money market account

Who owns a credit union?

• shareholders

• the members of the credit union

• the US government

• the creditors

Credit unions usually pay a _____ interest rate on savings account and charge a _____ interest rate on loans than a commercial bank.

• lower; lower

• higher; higher

• higher; lower

• lower; higher

What is the amount the FDIC insures deposits in a commercial bank or credit union?

• Up to $250,000

• The amount is unlimited

• Up to $100,000

Who owns a bank?

• the customers of the bank

• the members

• shareholders

• the US government

Which of the following is an electronic banking service?

• direct deposit

• money market account

• credit card

• checking account

Jane should enter the amount of cash she is depositing in which section?

• 1

• 2

• 6

• 3

Select what should go on Line 4.

• Who you are writing the check to

• The amount in words

• A reminder of what the check was for

• The date

Mary should sign her name at:

• the signature line

• the date field

• the address box

• the top of the page

Which of the following is not one of the main factors used in determining your credit score?

• amount of debt

• age of credit history

• number of children

• payment history