WorksheetsBanking
Total questions: 20
Worksheet time: 40mins
Why might a person need to have a copy of a check written in the past that was cashed?
To find bank errors
It is mandated by law
To prove that a bill was paid
It is a bank requirement
Maria is selling her car through a newspaper advertisement. When she finds a buyer, she wants to be sure that the form of payment is guaranteed to be good. Which form of payment should she AVOID?
Cash
Bank check
Cashiers check
Personal check
Financial services and products offered by most banks and credit unions generally include?
real estate listings
savings accounts and personal loans
legal and accounting services
business plans
What is the process of putting money into a bank account called?
Verifying the account
Balancing the account
Making a withdrawal
Making a deposit
How does having a savings account help a person's financial wellbeing?
It enables a person to save for major purchases
It improves a person's resume
It increases the balance on a person's credit card
It reduces the person's taxable income each year
A certificate of deposit (CD) from a bank could be best described as a -
retirement plan with benefits similar to a Traditional Individual Retirement Account
cash deposit in a bank account that earns interest
restricted savings account that requires the money remain in the bank for a fixed period of time
guarantee that fifty percent of the deposited funds are insured
By moving money from a checking account that doesn't make interest to a certificate of deposit (CD) a person is sacrificing some -
liquidity for higher earnings
earnings for increased safety
safety for more liquidity
dividends for increase safety
Which financial product has the MOST predictable income?
Stock
Real estate
Certificate of deposit
Adjustable rate mortgage
In order to make a deposit into a personal bank account, a person can do all of the following EXCEPT?
use a bank ATM to deposit the check
use a smart phone app to scan and electronically deposit the check
have his employer directly deposit the paycheck into the account
use a check cashing store
Banks and credit unions may use money deposited in customer accounts to -
pay employees a bonus at the end of the year
offer different kinds of loans to customers
pay interest on deposits
open new bank branches
A benefit of opting in for overdraft protection service on a checking account is that the -
account holder won't be charged a fee when the account has insufficient funds
bank will pay a check when the account holder has insufficient funds
bank will pay the account holder interest monthly on the funds in the account
account holder will be entitled to a higher interest rate on a Certificate of Deposit
A person who wants money to be FDIC (Federal Deposit Insurance Corporation) insured will probably deposit the money in a -
certificate of deposit at a bank
money market mutual fund at an investment firm
bank issued life insurance policy
credit union savings account
Xavier wants to buy a house but does not have enough money needed to pay for the house. What can he do to get the money he needs?
Invest in mutual funds
Open a money market account
Apply for a mortgage
Purchase a certificate of deposit
Why should a person reconcile their checking account?
It helps the bank to maintain accurate records on withdrawals
It helps the person to avoid spending more money than is in the account
It is required by law
It prevents fraud
A collateralized loan is a personal loan that is
available online for high interest rates
available for college tuition
secured by credit cards
secured by an asset that can be sold
Which of the following is NOT an example of borrowing from a lender (loan)?
Using a tax refund advance
Using a credit card
Using a debit card
Using a pawn shop
Services or products offered by banks to consumers and businesses include all of the following EXCEPT
checking accounts
credit cards
health insurance
business loans
"A bank is a place that will lend money if the person can prove that she doesn't need it." - Bob Hope
The main idea of this quote is that banks -
lend to people based on their need
tend to lend money to people who are able to repay
lend money to people with a negative net worth
are equal opportunity lenders
A person 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?
credit union
commercial bank
savings bank
investment club
What should someone who lost a debit card do?
Wait at least 72 hours to see if someone finds and returns the card
Wait until receiving a bank statement to see if the card has been used
Immediately report the loss to the bank and cancel the card
Immediately stop using any bank accounts
