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WorksheetsBanking Unit Test Review
Total questions: 30
Worksheet time: 15mins
Which of the following is not an example of an EFT?
ATM Withdrawal
Payroll Direct Deposit
Debit Card
Personal Check
An on-line bill payment has what effect on the balance in your checking account:
No effect
Increases the balance
Decreases the balance
Depends on the amount
Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?
Checking accounts never pay interest
Some types of checking accounts pay interest
All checking accounts pay interest
Checking accounts pay interest if the account balance does not fall below $300
Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of what type of financial institution?
Savings and Loan association
Commercial Bank
Credit Union
Investment club
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should
indicate the amount of money that is currently in the checking account as well as in a savings account to cover the check.
indicate what bank issued the check that is being deposited.
include the reason that both cash and a check are being deposited.
list the cash deposit separately from the check as well as the total of the deposit.
Scott just got an ATM card to use and must choose a PIN. How should he select a PIN that will give him maximum protection against anyone else being able to find out what the PIN is?
Use his birth date as his personal identification number
Use a random selection of letters and numbers
Use his first initial and last name as his personal identification number
Use the name of a friend, family member, or pet
The FDIC insures bank accounts up to a maximum of:
$100,000
$125,000
$200,000
$250,000
Patty is selling her car through a newspaper advertisement. When she finds a buyer, she wants a form of payment which is guaranteed to be good. Which form of payment should she avoid?
Cashier’s check
Certified check
Cash
A check
A blank endorsement on a check:
Creates a check that can be cashed by anyone
Cancels the check
Has no effect on the check
Restricts the use of the check
When a person is reconciling a checking account and notices that the balance in the checkbook does not match the balance on the statement from the bank, which action is it appropriate for the person to take first?
Adjust the balance in the checkbook so it is the same as the bank's balance.
Deposit sufficient funds to adjust the balance in the checkbook to match the bank's balance.
Determine that checks already written have cleared.
Notify the bank in writing to adjust the statement.
Margaret wants to store a valuable coin collection and important papers. Generally, consumers should:
Hand valuables over to their attorney
Rent a safe deposit box for their valuables
Store valuables in a cabinet at home
Store valuables in locked drawer
When James received his paycheck, he planned to cash it at a check cashing store. You advise him to cash it at his own bank if possible. Why?
There is likely to be a ceiling on the size of the check he can cash
They typically charge high fees
They typically require a two day waiting period before giving cash
They generally require a co-signor
You have a checking account balance of $100 and you deposit a personal $200 check from your brother in your checking account. When will you be able to withdraw $150 in cash?
After receiving a checking account statement at the end of the month
1 to 7 days later, depending on your bank's check clearance policy
The same day as the $200 deposit
On the day you make your next deposit
The National Credit Union Administration (NCUA) insures accounts in:
Brokerage firms
Commercial Banks
Credit Unions
Savings Banks
The best reason for depositing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:
Most savings accounts come with a free credit card
Most savings accounts earn a guaranteed rate of interest
Money deposited in savings accounts are F.D.I.C. or N.C.U.A. insured
Money in a savings account can be accessed any time during the day or night
"The Fed" is short for:
FBI
Congress
The Federal Reserve System
The Federal Deposit Insurance Corporation
Employees prefer direct deposits because:
The money is generally deposited in their checking account sooner than it would be if they had to deposit it in person
The danger of losing a paycheck is slightly reduced
There is a small fee for the service
Direct deposits earn a higher rate of interest
The phrase used for putting money into a savings account is:
Making a deposit
Balancing the account
Verifying the account
Making a withdrawal
Jami lost her debit card. She did not report it missing for 61 days. If an unauthorized person used her debit card, her maximum liability is:
$50
$500
Unlimited liability
No liability because she notified the financial institution
Most traditional financial organizations will not cash a check unless you have an account with them.
True
False
When you pay a bill on-line, it is not necessary to record the transaction in your check book register.
True
False
The same deposit ticket cannot be used for both cash and checks.
True
False
When you write a check to pay a bill, the date you put on the check is the day that you are actually writing the check, not the day the bill is due.
True
False
The customer account number is the first set of numbers across the bottom left corner of a check.
True
False
You pay interest for purchases made with your debit card.
True
False
What type of endorsement is shown?
Blank
Restrictive
Special
Non endorsement
What type of endorsement is shown?
Blank
Restrictive
Special
Non endorsement
What type of endorsement is shown?
Blank
Restrictive
Special
Non endorsement
What is #2 on the picture?
Date
Payee
Numerical Amount
Signature
What is #3 on the picture?
Date
Payee
Numerical Amount
Signature
