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Banking Unit Review 18

Total questions: 33

Worksheet time: 17mins

Name
Class
Date
1.
Which financial product typically pays the highest rate of interest?
a)
Savings account
b)
Certificate of deposit
c)
Money market account
d)
Common stock
2.
Safe-deposit boxes are:
a)
A free benefit for accounts with deposits starting at $50,000
b)
Safe and can be accessed only by the owner of the box
c)
Available at all banks
d)
Convenient and accessible at any hour of the day or evening
3.
The Fed” is short for
a)
The Federal Reserve System
b)
Congress
c)
FBI
d)
The Federal Deposit Insurance Corporation
4.
The best reason for depositing money in a bank or credit union savings account instead of keeping your money “under the mattress” is that:
a)
Money deposited in savings accounts are F.D.I.C. insured.
b)
Most savings accounts earn a guaranteed rate of interest.
c)
Most savings accounts come with a free credit card.
d)
Money in a savings account can be accessed any time during day or night.
5.
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
a)
Federal Reserve Board.
b)
State Banking Commission.
c)
Federal Deposit Insurance Corporation (FDIC)
d)
U. S. Treasury Department.
6.
The financial institution where Ms. Sanchez has her checking account will continue to pay out money for the checks she writes as long as:
a)
She uses checks from her checkbook
b)
The financial institution has sufficient funds
c)
There is enough money in Ms. Sanchez’s account to cover the amount of the checks
d)
She maintains a good record of deposits and handles her account responsibly
7.
Financial services and products generally offered by banks and credit unions include:
a)
Real estate listings
b)
Legal services
c)
Savings and loans
d)
Business plan
8.
Which documents should be stored in a safe-deposit box
a)
Checkbook statements.
b)
Current paycheck stubs.
c)
Copies of current and past budgets.
d)
Mortgage loan papers.
9.
All are examples of advantages to being banked except?
a)
Access to money 
b)
Limited access to credit
c)
Safe/Insured 
d)
Convenience 
10.
The Federal Reserve uses _____________________to stabilize the economy.
a)
fiscal policy
b)
tax policy
c)
monetary policy
d)
economic policy
11.

Deposit institutions insure up to how much money within a bank account:

a)

$150,00

b)

$250,000

c)

$262,00

d)

$50,00

12.

Which are examples of financial institutions

a)

Title Max

b)

Ace Money

c)

Commercial & Thrift Institutions

d)

Amazon

13.

All are examples of Thrift institutions except?

a)

Credit Unions

b)

Commercial Banks

c)

Savings & Loans

d)

Savings Bank

14.

Which is an example of a Commercial Bank?

a)

Wells Fargo

b)

Virginia Credit Union

c)

ChecknGo

d)

Ace Cash Express

15.

All are types of bank accounts that banks offer except?

a)

Savings Account

b)

Certificate of Deposit (CD)

c)

Layaway

d)

Money Marketing Account

16.

Accounts that offer an excellent way to save for your later years.

a)

CD Accounts

b)

MMA Account

c)

IRA Account

d)

Savings Account

17.

A savings bond backed by the U.S. Treasury, are purchased for one-half of their face value.

a)

T-Bill Bond

b)

Series EE Bond

c)

Municipal Bond

d)

Foreign Bond

18.

College loans are intended to help college students pay for all except?

a)

Tuition & Fees

b)

Books

c)

Living expenses & Meal plans

d)

Parking Decal

19.

IRA stands for?

a)

Individual Retirement Account

b)

Individual Retirement Arrangement

c)

Independent Retirement Account

d)

Industry Retired Arrangement

20.

You have a tax-deferred retirement account. At what age can you start withdrawing money?

a)

any age

b)

64

c)

65

d)

59 or over

21.

Title Loans offer very low interest, interest doesn’t start until student is out of college undergrad is lower than graduate.

a)

True

b)

False

22.

The goal of the monetary policy is to keep the nation’s economy stable.

a)

True

b)

False

23.

The discount rate is the interest rate charged by the Federal Reserve to banks that borrow on a short-term (usually overnight) basis

a)

True

b)

False

24.

Congress and the President make the fiscal policy through the federal budget

a)

True

b)

False

25.

FDIC stands for?

a)

Federal deposit Insurance Corporation

b)

Federal department insurance company

c)

Federal deposit insult corporation

d)

Federal deposit insurance company

26.
The FDIC and NCUA insure an account up to $250,000.
a)
True
b)
False
27.
when your employer automatically deposits your paycheck into your bank account
a)
DEPOSIT
b)
PAYROLL CHECK
c)
ATM
d)
DIRECT DEPOSIT
28.
Janet inherited a valuable necklace and needs a safe place to keep it when she isn't wearing it,
a)
checking account
b)
savings account
c)
safe deposit box
29.
Amirah is going to college and will not be able to visit her home bank very often. She needs a way to access her money and track what she spends.
a)
personal loan
b)
debit card
c)
online banking
30.
If you withdraw more money than you have in your checking account you might be charged
a)
An underdraft fee
b)
an overdraft fee
c)
a check cashing fee
d)
with a small loan fee
31.
If you have $500,000 dollars, what would be the best way to deposit your money to make sure it is insured by the FDIC?
a)
Deposit all $500,000 in an NCUA insured Credit Union
b)
Deposit $250,000 in one FDIC insured Bank and $250,000 in a separate FDIC insured bank.
c)
Deposit $400,000 in an a checking account at a FDIC insured Bank and $100,000 in a NCUA insured Credit Union.
d)
Deposit all $500,000 in a checking account at a FDIC insured Bank
32.
Which type of account functions like a savings account but requires higher deposits to open and maintain the account?
a)
Certificate of Deposit
b)
Super Savings Account
c)
FDIC Savings Account
d)
Money Market Account
33.
Bank offered products (checking, savings, CDs, Money Market accounts) are insured by
a)
FICO
b)
NCCA
c)
FICA
d)
FDIC

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