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Banking Services

Total questions: 66

Worksheet time: 2hrs 12mins

Name
Class
Date
1.

What is the ONLY thing you cannot do within a checking account?

a)

make deposits

b)

invest in stocks

c)

write checks

d)

withdraw money

2.

The card you use to both access funds in your bank account and pay for goods and services is:

a)

a credit card

b)

a birthday card

c)

a gift card

d)

a debit card

3.

Writing a check is the same thing as:

a)

making a withdrawal

b)

getting the bank to issue a cashier's check

c)

using a debit card

d)

using a credit card

4.

What can I NOT do with a debit card?

a)

withdraw money at an ATM

b)

deposit money at an ATM

c)

transfer money from one of my accounts to another

d)

transfer money to another person's account

5.

If I use my debit card for a purchase, I have to put in my PIN number. If I want to use my debit card for a credit purchase, I have to:

a)

also use my PIN number

b)

sign a sales slip

c)

use a different card

d)

provide additional ID

6.

When I use my debit card, the money is almost immediately taken from my account.

a)

true

b)

false

7.

If I have an account and a debit card, the financial institution will automatically issue me a credit card, too.

a)

true

b)

false

8.

An advantage of having a savings account is that the funds are immediately available when I need them.

a)

true

b)

false

9.

An advantage of a savings account is that the interest rate is high.

a)

true

b)

false

10.

The contents of a safety deposit box are not insured by the FDIC, but banks can offer insurance if the items are lost or destroyed.

a)

true

b)

false

11.

When I write a check for more than I have in the bank it is called:

a)

a felony

b)

an overdraft

c)

a fee

d)

grounds for closing my account

12.

Overdraft protection means if I write a check for more than I have in the account, the bank will cover the check and I don't have to pay them back.

a)

true

b)

false

13.

If I pay someone by check for a chair and it turns out to be damaged, I can refuse to pay by requesting the bank put a stop payment order on it.

a)

true

b)

false

14.

If I pay someone by check for a chair and it turns out to be damaged, I can refuse to pay by requesting the bank put a stop payment order on it.

a)

true

b)

false

15.

A cashier's check is NOT

a)

guaranteed by the bank

b)

purchased from the bank

c)

used to make a payment

d)

able to bounce (be returned for nonpayment)

16.

A certified check is a personal check that is: (choose 3)

a)

stamped certified by a bank official

b)

guaranteed as being covered by the money in my account.

c)

only deliverable by the bank

d)

immediately deducted from my account, making those funds unavailable.

17.

I must have a checking or savings account to get a money order.

a)

true

b)

false

18.
To take money out of the bank​
a)
Deposit
b)
Overdraw
c)
Withdraw
d)
Balance
19.
To take more money out of your account than is available​
a)
Overdraw
b)
Deposit
c)
Withdraw
d)
Balance
20.
Money which your bank account earns
a)
Balance
b)
Checking
c)
Savings
d)
Interest
21.
Unchanging rate of interest​
a)
Variable Interest Rate
b)
Savings
c)
Fixed interest rate
d)
Interest
22.
Rate of interest which changes regularly​
a)
Fixed Interest Rate
b)
Savings
c)
Interest
d)
Variable Interest Rate
23.
Which is a difference between Banks and Credit Unions?
a)
Banks have Checking accounts and Credit Unions have Savings Accounts
b)
Banks are for profit.  Credit Unions are Non-profit.
c)
Banks can give loans and Credit Unions cannot
d)
Credit Unions allow everyone to join and Banks are selective
24.
Which is not a factor you would consider when looking for a Bank or Credit union?
a)
Location
b)
Looks
c)
Free Checking
d)
Services
25.
What are the two types of accounts available at banks and credit unions?
a)
Checking and Savings
b)
Checking and Loans
c)
Savings and Loans
d)
Debit and Credit
26.
To put money in the bank​
a)
Deposit
b)
Withdraw
c)
Overdraw
d)
Balance
27.
Required amount of money in account
a)
Maximum Balances
b)
Minimum Balance
c)
Minimum Deposit
d)
Maximum Deposit
28.
Monthly statement fee, ​per check fee, and ​Debit card (ATM) fee are examples of what?​
a)
Charges
b)
Credits
c)
Service Fees
d)
Debits
29.
Minimum amount of money required to open account​
a)
Maximum Deposit
b)
Minimum Balance
c)
Maximum Balance
d)
Minimum Deposit
30.
Protects you from overdrawing your account.  ​Money is automatically taken from your savings account if you write a check or make an ATM withdrawal for too much money.​
a)
Withdraw Protection
b)
Overdraft Protection
c)
Blanket protection
d)
Maximum Protection
31.
U.S. government agency which insures your bank account up to $250,000
a)
IRS Protection
b)
DHS Protection
c)
FDIC Protection
d)
SS Protection
32.
Fee for writing a check for “bouncing a check” (writing it for more money than is in your account)​
a)
Nonsufficient Funds Fee
b)
Withdraw Fee
c)
Service Fee
d)
ATM Fee
33.
A common financial service used by many consumers.  They can help to manage money and make paying bills more convenient.
a)
Reconciling
b)
Check
c)
Checking Account
d)
PIN
34.
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should 
 
a)
include the reason that both cash and a check are being deposited.
b)
indicate what bank issued the check that is being deposited.
c)
indicate the amount of money that is currently in the checking account as well as in a savings account to cover the check.
d)
list the cash deposit separately from the check as well as the total of the deposit.
35.
The phrase used for putting money into a savings account is:
a)
Verifying the account
b)
Balancing the account
c)
Making a deposit
d)
Making a withdrawal
36.
A blank endorsement on a check:
a)
Has no effect on the check
b)
Cancels the check
c)
Creates a check that can be cashed by anyone
d)
Restricts the use of the check
37.
The memo line on a check is . . .
a)
Where you sign your name
b)
Optional
c)
Where you should write the amount
d)
Where you should write the check number
38.
When must you sign a deposit slip?
a)
when you receive cash back
b)
when you deposit any amount of cash
c)
when you deposit more than $100
d)
when you deposit more than $10,000
39.
All ATM machines charge a fee to use them.
a)
True
b)
False
40.
The amount of money in your account
a)
DEPOSIT
b)
BENJAMINS
c)
BALANCE
d)
DOLLARS
41.
When your employer automatically deposits your paycheck into your bank account
a)
DEPOSIT
b)
PAYROLL CHECK
c)
ATM
d)
DIRECT DEPOSIT
42.
Monthly report that states your transactions and balance
a)
WALL STREET JOURNAL
b)
BANK STATEMENT
c)
SCHOOL STATEMENT
d)
CHECKING REPORT
43.
E-banking allows 24 hour access to bank accounts.
a)
True
b)
False
44.
Memorize the PIN number and keep it in your wallet.
a)
True
b)
False
45.
All transactions including deposits, checks, debit card purchases, additional fees, and ATM use should be recorded here immediately after completion.
a)
Deposit slip
b)
Check register
c)
Debit card
d)
Check
46.
A legal document that functions like cash.
a)
Check
b)
ATM
c)
Deposit slip
d)
PIN
48.

What are pawn shops?

a)

Buy and sell goods.

b)

They charge high interests on tangible assets.

c)

The Cash checks at a high interest.

48.

What are pawn shops?

a)

Buy and sell goods.

b)

They charge high interests on tangible assets.

c)

The Cash checks at a high interest.

49.

What of the following is true? Bank... (more than 1 answer)

a)

is a financial institution

b)

is a financial intermediary

c)

is a private business and is not regulated

d)

connects customers that have capital deficits to customers with capital surpluses

e)

accepts deposits and channels those deposits into lending activities

50.

What of the following is true? Bank... (more than 1 answer)

a)

is a financial institution

b)

is a financial intermediary

c)

is a private business and is not regulated

d)

connects customers that have capital deficits to customers with capital surpluses

e)

accepts deposits and channels those deposits into lending activities

51.

Which types of banks can you name? (more than one answer)

a)

Central bank

b)

Investment bank

c)

Non-profit bank

d)

Commercial bank

52.

What are the functions of commercial banks? (more than one answer)

a)

maintain record of Government revenue and expenditure

b)

determine foreign exchange rates

c)

exchange foreign currencies

d)

receive deposits

e)

give loans

53.

What functions have the merchant banks? (more than one answer)

a)

raise funds for industry on the various financial markets

b)

determine foreign exchange rates

c)

finance international trade

d)

receive deposits

54.

What are the main functions implemented by the Central bank? (4)

a)

It prints the national currency and determines foreign exchange rates

b)

it advises the Government on monetary and credit policies and maintains record of Government revenue and expenditure

c)

offer stockbroking and portfolio management services to rich corporate and individual clients

d)

it decides on the interest rates for bank deposits and bank loans

e)

maintain deposit accounts of all other banks and advances money to other banks, when needed

55.

What differs merchant bank from commercial one? (one answer)

a)

Merchant banks work mainly with the government

b)

Merchant banks work mainly with individuals

c)

Merchant banks deal mainly with businesses

d)

Merchant banks deal mainly with commercial banks

56.

What differs merchant bank from commercial one? (one answer)

a)

Merchant banks work mainly with the government

b)

Merchant banks work mainly with individuals

c)

Merchant banks deal mainly with businesses

d)

Merchant banks deal mainly with commercial banks

57.

What differs merchant bank from commercial one? (one answer)

a)

Merchant banks work mainly with the government

b)

Merchant banks work mainly with individuals

c)

Merchant banks deal mainly with businesses

d)

Merchant banks deal mainly with commercial banks

58.

What are the main types of deposits? (more than one answer)

a)

Current Deposit

b)

Interest Deposit

c)

Fixed deposit

d)

Savings deposit

59.

What is the difference between current and fixed deposit? (one answer)

a)

Current deposit is only for small sums of money

b)

Fixed deposits can be withdrawn any time, but current deposits can not

c)

Current deposits can be withdrawn any time, but fixed deposits can not

60.

What types of loans do you know? (more than one answer)

a)

Savings

b)

Cash credit

c)

overdraft

d)

current

e)

Mortage

61.

What are the primary functions of commercial banks? (more than one)

a)

accepting deposits

b)

collection of checks

c)

granting loans

d)

foreign exchange

62.

Which of the following are the secondary functions of the commercial banks? (three answers)

a)

collection of checks

b)

transfer of funds

c)

dealing in foreign exchange

d)

accepting deposits

e)

lending money

63.

What is a minimum interest rate? (one answer)

a)

This is the discount rate, at which the central bank makes secured loans to government

b)

This is the discount rate, at which the central bank makes secured loans to individuals

c)

This is the discount rate, at which the central bank makes secured loans to business

d)

This is the discount rate, at which the central bank makes secured loans to commercial banks

64.

What is collateral? (one answer)

a)

Hollywood movie with Tom Cruise

b)

an asset to secure the loan

c)

the board of directors of the central bank

d)

member of bank staff

65.

Who are blue chips? (one answer)

a)

Very rich bankers

b)

Wealthy government officers

c)

poor people

d)

very safe large companies

66.

Which of the following are services granted by the banks? (more than one answer)

a)

Mobile banking

b)

Net-banking

c)

Collateral

d)

ATM

e)

Safeguarding

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