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Wise PreTest Mr. Phillips

Total questions: 60

Worksheet time: 55mins

Name
Class
Date
1.
What is a card issued by a financial institution, that allows you to withdraw money from your accounts or pay for purchases by deducting funds directly from your accounts?
a)
debit card
b)
credit card
2.
A nonprofit financial institution that is owned by its members and organized for their benefit
a)
credit union
b)
commercial bank
c)
hometown bank
d)
mortgage center
3.
A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return.
a)
certificate of deposit
b)
savings account
c)
money buried in backyard
d)
a savings jar
4.
A savings account in which the interest rate varies as market rates change
a)
money market account
b)
business account
c)
standard savings account
d)
none of these
5.
A certificate of deposit is a savings account in which the interest rate varies as market rates change.
a)
false
b)
true
6.
The process in which interest is earned on both the principal and any previously earned interest
a)
compounding
b)
none of these
c)
rate of return
d)
annual percentage yield
7.
Amount of interest that a financial institution would pay on a $100 deposit, after compounding, for one year
a)
annual percentage yield
b)
annual percentage rate
c)
rate of return
d)
compounding
8.
A financial institution that traditionally specialized in savings accounts and mortgage loans.
a)
savings and loan association
b)
credit union
c)
commercial bank
d)
none of these
9.
Direct deposit is having pay deposited directly into a designated bank account.
a)
true
b)
false
10.
Automatic payment: your bank will withdraw the amount of your monthly payment or bill from your bank account.
a)
true
b)
false
11.
Credit cards allow you to borrow money for a long term.
a)
true
b)
false
12.
What is the best option to help you save money over a period of years?
a)
certificate of deposit
b)
savings account
c)
demand deposit
d)
savings account
13.
Which is the least liquid?
a)
cash
b)
savings account
c)
certificate of deposit
d)
a checking account
14.
In 1933 the federal government created the Federal Deposit Insurance Corporation to protect deposits in banks.
a)
true
b)
false
15.
If you deposit $100 in an account with an annual interest rate of 6% compounded monthly, after twelve months you will have
a)
$6
b)
$6.18
c)
$106
d)
$106.18
16.
The first step in balancing a checkbook is comparing checks in the check record with those on the statement.
a)
true
b)
false
17.

Direct deposit

a)

A computer terminal that allows a withdrawal of cash from an account

b)

Transaction a purchase by a debit card of a good or service at a retail store, a restaurant, or elsewhere

c)

An automatic deposit of net pay to an employee’s designated bank account

d)

A nonprofit financial institution that is owned by its members and organized for their benefit

18.

Automated teller machine (ATM)

a)

A for-profit institution that offers a full range of financial services, including checking, savings, and lending

b)

A savings account that requires a minimum balance and earns interest that varies from month to month

c)

A computer terminal that allows a withdrawal of cash from an account

d)

An automatic loan made to an account if the balance will not cover checks written

19.

Certificate of deposit (CD)

a)

The percentages of increase in the value of your savings from earned interest

b)

A savings account that requires a minimum balance and earns interest that varies from month to month

c)

The process in which interest is earned on both the principal the original amount you deposited and on any previously earned interest

d)

A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return

20.

Compounding

a)

The amount of interest that a deposit would earn, after compounding, for one year.

b)

A request that a bank or other financial institution not cash a particular check

c)

The process in which interest is earned on both the principal the original amount you deposited and on any previously earned interest

d)

An automatic loan made to an account if the balance will not cover checks written

21.
Many companies offer _____, which is an automatic deposit of net pay to an employee's designated bank account.
a)
interest
b)
automatic deposit
c)
direct deposit
d)
debit cards
22.
A debit card allows you to _____.
a)
pay for purchases directly from your checking or savings account
b)
protect your checks from thieves
c)
borrow money for a short term
d)
spend more money than you have in your account
23.
A _________ is a nonprofit financial institution that is owned by its members and organized for their benefit.
a)
mutual savings bank
b)
credit union
c)
savings and loan association
d)
commercial bank
24.

Certificate of deposit (CD)

a)

The percentages of increase in the value of your savings from earned interest

b)

A savings account that requires a minimum balance and earns interest that varies from month to month

c)

The process in which interest is earned on both the principal the original amount you deposited and on any previously earned interest

d)

A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return

25.

Money market account

a)

The process in which interest is earned on both the principal the original amount you deposited and on any previously earned interest

b)

A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return

c)

A savings account that requires a minimum balance and earns interest that varies from month to month

d)

The percentages of increase in the value of your savings from earned interest

26.

Compounding

a)

The amount of interest that a deposit would earn, after compounding, for one year.

b)

A request that a bank or other financial institution not cash a particular check

c)

The process in which interest is earned on both the principal the original amount you deposited and on any previously earned interest

d)

An automatic loan made to an account if the balance will not cover checks written

27.

A prepaid phone card is an example of a debit card.

a)

True

b)

False

28.

Pawnshops will offer payday loans with high finance charges to desperate borrowers.

a)

True

b)

False

29.

According to the Truth in Savings Law, financial institutions have to guarantee you a minimum interest rate

on your deposits.

a)

True

b)

False

30.

Which of the following financial services is best suited for saving money over a period of years?

a)

certificate of deposit

b)

checking account

c)

demand deposit

d)

mortgage loan

31.

a savings alternative in which money is left on deposit for a stated amount of time to earn a specific rate of

return

a)

annual percentage yield

b)

certificate of deposit

c)

rate of return

d)

endorsement

e)

commercial bank

32.
Special kind of savings that pay a higher rate of interest - they are insured, money cannot be removed for a period of time and interest allows you to earn more money
a)
Savings & Checking accounts
b)
Money market accoutns
c)
Mutual Funds
d)
insured by the FDIC
33.
What is the central bank of the United States?
a)
Central Bank
b)
Central Reserve Bank
c)
Federal Reserve Bank
d)
Reserve Bank
34.
All financial institutions are regulated by what agencies?
a)
Federal and State Agencies
b)
Country Agencies
c)
Government Agencies
d)
Banking Agencies
35.
A negative aspect of a payday loan company is 
a)
They have higher interest rates
b)
Money is readily avaliable
c)
Provides loans
d)
Can solve a temporary problem
36.
ownership certificates in a firm
a)
collective barganing
b)
charter
c)
stock
d)
dividend
37.
The U.S. corporation insuring deposits in the U.S. against bank failure.
a)
Federal Deposit Insurance Corporation
b)
National Credit Union Association
c)
Savings and loan associations
38.
Payment made for the use of borrowed money is called
a)
Financial Institution
b)
Creditors
c)
Interest
d)
Secured
39.
Amount paid out of pocket by a policyholder for the initial portion of a loss before the insurance company pays.
a)
deductible
b)
risk
c)
policy
d)
insurance
40.
Title of people receiving money from a life insurance policy after the insured person dies.
a)
policyholder
b)
premium
c)
insurance
d)
beneficiary
41.
Peter's father is in a car accident and cannot work. What type of insurance replaces his father's earnings?
a)
Property and liability
b)
Health
c)
Life
d)
Disability
42.

Someone who receives money if an insured person dies.

a)

dependent

b)

claim

c)

beneficiary

d)

co-insurance

43.

the money paid monthly, every 6 months, or yearly to an insurance company to purchase a policy

a)

policyholder

b)

premium

c)

property insurane

d)

risk

44.
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
a)
compound; lowest
b)
compound; highest
c)
simple; lowest
d)
simple; highest
45.
The benefit of diversification in your investments is
a)
Reduced risk
b)
Increased risk
c)
Reduced tax liability
46.
Most checking accounts do not pay interest.
a)
true
b)
false
47.
What is a plastic card that is electronically connected to the cardholder's bank called?
a)
credit card
b)
debit card
c)
account card
d)
money card
48.
The amount of one's money covered per account by the FDIC and the NCUA is?
a)
1000,000
b)
250,000
c)
100
d)
2500
49.
FDIC stands for
a)
Federal Deposit Insurance Corporation
b)
Funds Deposited In Cash
c)
Federal Deposit Indepence Company
d)
Free Debit Identification Card
50.
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)
51.
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
52.
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
53.
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
54.
The possibility of losing some or all of a particiular investment.
a)
risk
b)
index
c)
industry
d)
profit
55.
The financial benefit when the revenue of a company exceeds expenses, costs, and taxes.
a)
loss
b)
profit
c)
volume
d)
portfolio
56.
Represents shares of ownership in a company.
a)
stock
b)
portfolio
c)
volume
d)
industry
57.
A company that sells stock on the stock market.
a)
private company
b)
market capitalization
c)
public company
d)
stock market
58.
A sum of money paid to shareholders of a corporation out of its earnings.
a)
index
b)
dividend
c)
profit
d)
invest
59.
When assets or stocks are sold for a price lower than the original purchase price.
a)
loss
b)
profit
c)
volume
d)
risk
60.
Mason works for the state and uses the financial institution that is owned by state workers and serves its members only. The interest rates on loans are usually better there. This is an example of what type of financial institution?
a)
Commercial bank
b)
Investment company
c)
Consumer finance company
d)
Credit union

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