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Banking Awareness

Total questions: 20

Worksheet time: 8mins

Name
Class
Date
1.
What is one 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
2.
What agencies insure banks and credit unions?
a)
IRS and DHS
b)
DHS and FDIC
c)
FDIC and NCUA
d)
NCUA and FICA
3.
What is the name of a legal document that functions like cash?
a)
Check
b)
ATM
c)
Deposit slip
d)
PIN
4.
When do you have to 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
5.
What do you call the process of bringing your checkbook register into agreement with the bank statement?
a)
Withdrawal
b)
Deposit
c)
Reconciliation
d)
Endorsement
6.
How do financial institutions make most of their money?
a)
Fees
b)
Interest
c)
Mutual Funds
d)
Loan Payments
7.
The tools and strategies the Federal Reserve uses to stabilize the economy is called?
a)
Fiscal Policy
b)
Monetary Policy
c)
Tight Money
d)
Easy Money
8.
Banks create money by taking in deposits, making _______, and charging _______.
a)
interest, payments
b)
loans, interest
c)
payments, loans
d)
debt, loans
9.
What type of endorsement is the most secure?
a)
Blank Endorsement
b)
Restrictive Endorsement
c)
Endorsement in Full
d)
Full Endorsement
10.
If you make an error on a check, what should you do?
a)
Void the check and write a new one
b)
Make corrections and initial the change
c)
Use whiteout to fix the error
d)
Throw the check away and write a new one
11.

Which of the following best describes a LOAN?

a)

Money borrowed that can be paid back if one feels like it.

b)

Money borrowed

c)

Money borrowed with the expectation of paying it back in a timely manner.

d)

Money gifted to someone with no expectation of payback.

12.

Which Financial Institution is best described below: A not for profit members only institution known for their low interest loans.

a)

Bank

b)

Credit Union

c)

Savings & Loan

d)

Check Into Cash

13.

Which of the following is not a characteristic of a SAVINGS ACCOUNT?

a)

Safe place to store money

b)

Owners can write checks from the money in the account

c)

Money is protected by Federal Insurance

d)

Money gains interest over time

e)

Great way to save for something you want or an emergency

14.

Which of the following is not a synonym for EXPENSES?

a)

Costs

b)

Wage

c)

Bills

d)

Expenditures

15.

Which of the following is not an appropriate form of Income?

a)

Running a Business

b)

Working a Job

c)

Taking Kadin's Lunch Money

d)

Renting or Selling Property

16.

Moving money from one account to another is called a ______________.

a)

Swap

b)

Transfer

c)

Glide

d)

Movement

17.

Putting money into an account is known as _______________.

a)

Sinking

b)

Placing

c)

Withdrawing

d)

Depositing

18.

An example of a withdraw is:

a)

In Person

b)

At an ATM

c)

Writing a Check

d)

All the Above

19.

A person employed to deal with customers' transactions at a bank such as taking deposits or cashing checks.

a)

Penn

b)

Teller

c)

Count

d)

Cashier

20.

_____________ is the amount of money owed on a loan including interest.

a)

Loan

b)

Debt

c)

Profit

d)

Irresponsibility

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