WorksheetsCh. 10 Banking
Total questions: 50
Worksheet time: 28mins
Name
Class
Date
1.
Where should you sign a check?
a)
3
b)
4
c)
5
d)
7
2.
How should you sign a check?
a)
In cursive using your official signature
b)
It doesn't matter
c)
In pencil in case you make a mistake
d)
Printed neatly so that it is legible
3.
A fee paid for the opportunity to use someone else's money over a period of time.
a)
interest
b)
fees
c)
debit
d)
money
4.
Commercial Banks are...
a)
financial institutions owned by shareholders and operated for their profit
b)
state-chartered financial institutions operated by trustees for the benefit of depositors
c)
financial institutions that originally specialized in providing funds to home buyers, but now provides a variety of financial services
d)
a non-profit financial institution owned by its members who have a common bond
5.
Mutual Saving Banks are...
a)
financial institutions owned by shareholders and operated for their profit
b)
state-chartered financial institutions operated by trustees for the benefit of depositors
c)
financial institutions that originally specialized in providing funds to home buyers, but now provides a variety of financial services
d)
a non-profit financial institution owned by its members who have a common bond
6.
Savings and Loans are...
a)
financial institutions owned by shareholders and operated for their profit
b)
state-chartered financial institutions operated by trustees for the benefit of depositors
c)
financial institutions that originally specialized in providing funds to home buyers, but now provides a variety of financial services
d)
a non-profit financial institution owned by its members who have a common bond
7.
Credit Unions are...
a)
financial institutions owned by shareholders and operated for their profit
b)
state-chartered financial institutions operated by trustees for the benefit of depositors
c)
financial institutions that originally specialized in providing funds to home buyers, but now provides a variety of financial services
d)
a non-profit financial institution owned by its members who have a common bond
8.
FDIC stands for
a)
Federal Deposit Insurance Corporation
b)
Funds Deposited In Cash
c)
Federal Deposit Indepence Company
d)
Free Debit Identification Card
9.
The movement of funds by electronic means
a)
EFT (Electric Funds Transfer)
b)
ATM (Automated Teller Machine)
c)
PIN (Personal Identification Number
d)
POS (Point of Sale transaction)
10.
A computer terminal that gives bank customers electronic access to their accounts at any time
a)
EFT (Electric Funds Transfer)
b)
ATM (Automated Teller Machine)
c)
PIN (Personal Identification Number
d)
POS (Point of Sale transaction)
11.
A secret code that protects the security of your accounts allowing you alone to access them
a)
EFT (Electric Funds Transfer)
b)
ATM (Automated Teller Machine)
c)
PIN (Personal Identification Number
d)
POS (Point of Sale transaction)
12.
Paying for an item by making an electronic funds transfer at the place of purchase
a)
EFT (Electric Funds Transfer)
b)
ATM (Automated Teller Machine)
c)
PIN (Personal Identification Number
d)
POS (Point of Sale transaction)
13.
A card that allows the user to access their account are known as:
a)
Debit cards, Check cards or Deposit access cards
b)
Credit cards
c)
Cash cards
d)
Credit cards, Debit cards, or Deposit Access cards
14.
The payee is...
a)
the one to whom a check is made out and can cash or deposit the check
b)
the person who is expected to pay a check or draft when it is presented for payment.
c)
Any person who regularly collects debts owed to others
d)
the person who writes a check or draft to pay someone else.
15.
A cancelled check is
a)
a check that is marked to show that it's been paid (cashed or deposited)
b)
a check that has an error on it and has been voided
c)
a check that is written over the amount available in the account
d)
an unpaid check
16.
An overdraft is...
a)
a check that has not been cashed yet
b)
a check that has an error on it and has been voided
c)
a check that is written over the amount available in the account
d)
a check that is written for more than the amount owed
17.
A signature on the back of a check that entitles the payee to either receive payment or transfer it to someone else
a)
endorsement
b)
signature
c)
verification
d)
autograph
18.
To bring the bank statement and your own record of transaction into agreement
a)
Reconcile
b)
Balance
c)
Review
d)
Check for errors
19.
Outstanding transactions are...
a)
ones that were received by the bank after the closing date of your statement
b)
ones that were done perfectly and do not require your attention
c)
ones that match your own record of transactions
d)
ones that are on the bank statement but not on your own record
20.
A check that is issued and guaranteed by a bank
a)
Certified checks
b)
Cashier's checks
c)
Money orders
d)
Traveler's checks
21.
A purchased certificate used to pay a specified amount to a particular payee.
a)
Certified checks
b)
Cashier's checks
c)
Money orders
d)
Traveler's checks
22.
Are documents that function as cash but can be replaced if lost or stolen
a)
Certified checks
b)
Cashier's checks
c)
Money orders
d)
Traveler's checks
23.
A wire transfer is...
a)
a financial transcation that electronically moves funds from one bank to another
b)
moving money from one account to another
c)
paying your bills online using your computer
d)
the electronic connections used to access your account
24.
A check from a personal checking account that has been stamped by the bank to guarantee that there are sufficient funds in the account to cover it
a)
Certified checks
b)
Cashier's checks
c)
Money orders
d)
Traveler's checks
25.
A card sold in specified dollar amounts that can be used to purchase products or services
a)
Prepaid cards
b)
Debit cards
c)
Credit cards
d)
Check cards
26.
A _____ can provide legal proof of payment
a)
cancelled check
b)
transaction register
c)
bank statement
d)
internet printout
27.
At your request, banks can automatically perform all of the following services EXCEPT...
a)
debit card advances
b)
direct deposits
c)
loan payments
d)
transfer between accounts
28.
Why is it important to keep an accurate/balanced transaction register?
a)
So you know exactly how much money you have
b)
Its not really important if you use online banking
c)
So you can have proof of payment on your bills
d)
So you can have more money
29.
All ATMs are free for you to use if you have a debit card
a)
True
b)
False
30.
An automated service called _____ _____, payments such as your paycheck or a tax refund can be electronically transferred into the account you chose.
a)
direct deposit
b)
automatic transfer
c)
cancelled check
d)
automatic deposit
31.
What would the end balance on this check register be?
a)
$364.50
b)
$360.50
c)
380.50
d)
500.00
32.
If you lose your ATM card you should...
a)
report the loss to the issuing bank
b)
cancel the last purchase made with the card
c)
notify the FDIC within 24 hours
d)
move your accounts to another financial institution
33.
You can request the bank to automatically transfer money from _____ to checking to cover a check that has insufficient funds (but it will cost you)
a)
savings
b)
overdraft
c)
loan
d)
credit
34.
Which 2 places do you write the amount the check is for?
a)
4 ,5
b)
2, 5
c)
5, 7
d)
4, 8
35.
When writing the amount in 5, how should a check for $100.10 be written?
a)
one hundred and 10/100
b)
$100.10
c)
one hundred and ten
d)
one hundred and ten cents
36.
Direct deposit, automated transfer, automated loan payments, and automated bill pay are all examples of
a)
Automated services you can request from your financial institution
b)
bad financial practices as you could become a victim of fraud
c)
something that may become available in the future
d)
services that you can be charged for at your financial institution
37.
You can deduct money from your bank account to make a purchase by use of a
a)
Debit card
b)
Credit card
c)
Charge card
d)
Prepaid card
38.
When you enter your PIN at an ATM you should always
a)
shield your screen
b)
say it out loud
c)
write it down on the deposit slip
d)
count your money at the machine to make sure it is accurate
39.
A bank statement shows
a)
all transactions from the statement period
b)
the transactions that have cleared in the statement period
c)
what your correct balance is
d)
all of the checks you have written for the year
40.
All of the following can happen if you bounce a check (write an overdraft) EXCEPT
a)
the unpaid check will be returned to the payee's bank
b)
you will be charged substantial fee by your bank
c)
the payee, if a business, will charge you a fee for a bounced check
d)
you will be arrested for check fraud
41.
If you make a mistake writing a check you should
a)
write VOID across the check and record it in your transaction register
b)
throw the check away in the trash and write a new one
c)
call the bank and have them cancel the check
d)
erase the errors and write it again
42.
You can use your ATM card with no fees at any teller machine displaying the same _____ logo
a)
network
b)
bank
c)
free
d)
ATM
43.
If your bank statement and personal transaction register do no match, you should do all of the following EXCEPT...
a)
erase your balance and put in the bank statement amount since that is correct
b)
check to be sure that you didn't miss anything
c)
double check your math
d)
take your records to the bank for assistance
44.
If your checkbook is stolen
a)
your name could be forged and used to purchase items without your consent
b)
all the checks are automatically voided
c)
it doesn't matter since the thief doesn't know how you sign your name
d)
the thief can access all of your accounts
45.
Your PIN should be
a)
a unique number known only to you
b)
written down somewhere so you don't forget
c)
an easy to remember number like your birthday
d)
the same as the last 4 digits of your phone number
46.
You receive 4 checks for birthday gifts and you want to deposit them in your account you should...
a)
only sign them on the back when you get to the bank or use a restrictive endorsement
b)
sign them on the back immediently
c)
put them in an envelope and deposit them without signing to prevent fraud
d)
mail them to the bank with a deposit slip
47.
When using your debit card for a purchase it is safest to run it as
a)
Credit and signing it
b)
Debit and entering your PIN
c)
Its never safe
d)
Charge and signing it
48.
A Debit is ____, while a Credit is _____.
a)
+, -
b)
-, +
c)
credit, debit
d)
debit, credit
49.
Writing a check is more secure than cash in all the circumstances EXCEPT
a)
it is safer to mail cash for a bill since someone could steal the check and cash it
b)
some bills cannot be paid with cash
c)
someone can steal your cash and you would be out that amount
d)
you have proof of payment with a check
50.
What is a disadvantage of using a debit card?
a)
you could forget to put the transaction in your register and have an inaccurate balance
b)
if someone steals your card they could steal all of your money
c)
you could go into debt by purchasing more than you can afford
d)
there are no disadvantages
100 %
