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BF 2.03 Financial Service Providers

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Dolores is trying to help her grandmother with some online banking tasks. Which of the following tasks can NOT be performed online?

a)

Withdrawing cash from the ATM

b)

Viewing bank statements

c)

Checking account balance

d)

Transferring money to Tucker's account

2.

Tiara and Pearce are discussing about financial service providers. They are trying to identify which of the following would NOT be considered as a financial service provider. Can you help them?

a)

Picasso Pawn

b)

Rocket Mortgage

c)

Bank of Internet USA

d)

State Farm Insurance Company

3.

Coen & Xavier are looking to invest their money and are considering various services. Which of the following services that they are considering would be considered an intermediation/advisory service?

a)

Rocket Mortgage

b)

Wellington Pension Fund Management

c)

PNC Bank

d)

E*Trade

4.

Quinten is planning to celebrate his 18th birthday by parachuting, Malia is learning to drive a car, Coean is practicing law, and Dolores is running a business. Which of these activities would NOT be covered by a policy you would find being sold by insurance companies?

a)

Quinten parachuting for his 18th birthday

b)

Malia driving a car

c)

Coean practicing law

d)

Dolores running a business

5.

Kayln is at an ATM machine and wants to withdraw some money. Which of the following is true about the Debit Card Personal Identification Number (PIN) she will need to use?

a)

She will need to use them to get money out of the ATM machine

b)

They are usually 10 digits

c)

They are located on the back of the debit card

d)

They are the last 4 digits of the Card Number

6.

Dolores is at the bank, preparing a check for her monthly car installment to Toyota Finance Company. The amount is $532.00 and the due date is the 15th of every month. Her account number with them is 1439499. What information should Dolores put in the Memo section of the check?

a)

Account # 1439499

b)

$532.00

c)

Five Hundred and Thirty-two Dollars and 00/100

d)

Toyota Finance Company

7.

Imagine it's a Sunday and Kayln urgently needs to withdraw money from her bank account to buy a gift for Mason's birthday party. Which of the following bank services would Kayln use?

a)

ATM

b)

PIN

c)

Online Banking

d)

Credit Card

8.

Mason is looking for a service from a Mortgage Company. Which of the following is NOT a service that a Mortgage Company would typically provide to Mason if he wants to buy a house for his family?

a)

Debt consolidation loans

b)

Comparing the different types of mortgage loans for Mason

c)

Prequalifying Mason for a mortgage

d)

Offering loans for Mason's commercial or residential properties

9.

Kayln, Coean, Pearce, Tiara, and Malia are all friends. One day, Pearce was discussing his financial situation with his friends. He mentioned that he wants to ensure that his check, ATM, wire transfer or debit card transaction will clear even if his bank account balance falls below zero. What service should Pearce use?

a)

Overdraft Protection

b)

Check Bouncing Protection

c)

Dummy Protection

d)

Asset Protection

10.

Tucker and Coean have recently started a commercial bank in the US. They are in search of an electronic clearing and settlement system for their bank's financial transactions. Which system should they consider?

a)

Automated Clearing House (ACH)

b)

Automated Teller Machine (ATM)

c)

Federal Deposit Insurance Corporation (FDIC)

d)

Federal Reserve System (FRS)

11.

Malia owns a successful bakery and has a large number of customers making payments for her delicious pastries. To streamline the process, she decides to use a service provided by banks. Instead of the payments going directly to her bakery, they are directed to a special post office box. The bank then goes to the box, retrieves the payments, processes them and deposits the funds directly into Malia's bakery's bank account. What is this service called?

a)

Lockbox

b)

Private Placement

c)

Asset Management

d)

Vendor Lease

12.

Xavier, Pearce, and Kayln are working at a prestigious investment bank. Their task for the day is to direct a client's cash and securities. Malia, a new intern, is curious about this process. Can you help her understand what this process is called?

a)

Asset Management

b)

Vendor Lease

c)

Lockbox

d)

Private Placement

13.

Imagine Jasmine is the owner of a small business in her town, 'Jasmine's Handicrafts', that manufactures unique handcrafted items. She has received a large order from a foreign country. To fulfill this order, she needs to purchase raw materials, pay her workers, and cover shipping costs. However, the payment for the order will not be received for up to 180 days. Which type of financing would help Dolores release the working capital tied up in this cross-border trade transaction, enabling her company to grow and increase trade?

a)

Export Financing

b)

Import Financing

c)

Private Financing

d)

Asset Management

14.

Mason and Malia are co-founders of a tech startup. They need to raise capital for their company and decide to sell securities to a relatively small number of select investors. These investors can include large banks, mutual funds, insurance companies and pension funds. Xavier, a business consultant, asks Tucker and Dolores, what is this process called?

a)

Private Placement

b)

Export Placement

c)

Import Placement

d)

Asset Management

15.

Imagine Ian is the owner of a local bookstore and his sales are not doing well. He decides to collaborate with a leasing company, where Kevin works, to boost his sales. This strategy is known as:

a)

Vendor Lease

b)

Asset Management

c)

Private Placement

d)

Export Financing