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WorksheetsCFL Unit 2 Study Guide
Total questions: 25
Worksheet time: 15mins
What is The Patriot Act?
An act that requires financial institutions to give discounts to military veterans
An act that requires financial institutions to collect certain info when a new account is opened
An act that requires financial institutions to give your account a certain amount of privacy
An act that requires financial institutions to have multiple layers of security on accounts
What info must a financial institution collect to open an account? (Effect of The Patriot Act)
Name, birth certificate, valid driver's license, and address
Name, address, where you work, and phone number
Name, date of birth, address, and identification number
Name, date of birth, address, and valid driver's license
Commercial banks are (a) banks. (Type in lowercase)
Credit Unions are ___ ______ banks. (Type in all lowercase)
(a)
What should you do first when writing a check?
Write who's it for
Write amount of money being paid
Write the date of the check
Write a memo
A check register is a log you keep of the money you spend and earn.
False
True
If something shows up on your check register but not your bank statement you DON'T have to do anything about that.
True
False
If something shows up on your bank statement but not your check register what do you do?
Ignore it, it's not THAT important
Put the charge or deposit on a reconciliation page
Call your bank about it
Add it to the check register
How many different ways are there to endorse a check? (Type in all lowercase)
(a)
What are the different ways to indorse a check?
Blank, restrictive, and to a third party endorsement
Blank, special, and super special endorsement
Restrictive, private, and blank endorsement
Any way you want
An overdraft fee is when you try and take/use more money than you have and are charged a fee for it.
False
True
Overdraft protection helps protect you from overdraft fees when you overdraw so you can spend as much money as you want!
True
False
When you have overdraft protection and you overdraft from your account, the protection buffers fees by......?
Paying with free money
Taking Mr.Reale's money to pay for it
Taking out a loan in your name
Pulling money to pay from another account of yours
Which is NOT a factor to consider for a savings account?
Safety
Liquidity
Easy Use
Interest Rate
If something happens to the bank your money is in, up to how much are you ensured?
$20,000
$250,000
$2,000,000
$8,675,309
What does FDIC stand for?
Federal Deposit Insurance Corporation
Finance Depot Insurance Company
Funny Dude Insurance Corporation
Federal Deposit In Credit
NCUA stands for No Chickens Under Arrest.
False
True
Your routing number is found at the bottom (a) of the check. (Type in all lowercase)
You HAVE to write something in the memo section of a check or else the check is no good.
True
False
Which is NOT a bank occupation?
Teller
Mortgage Lenders
Branch Manager
Document Drawer
A checking account is used for _____?
Big payments
Bills
Everyday purchases
Checks
Bouncing a check means the check can not be cashed because of insufficient funds.
False
True
What act protects consumers using electronic banking from loss and protects their privacy?
Online Money Safety Act
Electronic Fund Transfer Act
Online Security Protection Act
Electronic Loss Protection Act
Why do people use online/mobile banking?
Hard to Understand
More Fun
More Safe
Easier
Check cashing businesses allow customers to cash checks (a) a bank account. (Type in all lowercase)
