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Banking Test 2024

Total questions: 50

Worksheet time: 8hrs 20mins

Name
Class
Date
1.

People who are unbanked are most likely to...

a)

Have a high credit score

b)

Have a low income

c)

Have a college degree

d)

Have a mortgage

2.

Overdraft protection...

a)

Allows you to withdraw more money than you have in your account

b)

Protects your account from unauthorized transactions

c)

Helps you save money for emergencies

d)

Provides insurance for your deposits

3.

Which of the following is TRUE about banks and credit unions?

a)

Banks are for-profit institutions, while credit unions are non-profit

b)

Banks offer higher interest rates on savings accounts than credit unions

c)

Credit unions are insured by the FDIC, while banks are not

d)

Banks are owned by their customers, while credit unions are owned by shareholders

4.

What feature is the LEAST important for a college student to look for in a checking account?

a)

Low or no monthly fees

b)

Convenient ATM access

c)

High interest rates

d)

Online and mobile banking

5.

Which of the following is FALSE about check registers?

a)

They help you keep track of your account balance

b)

They are used to record deposits and withdrawals

c)

They are no longer necessary with online banking

d)

They can help you detect errors or fraud

6.

How does the 50-20-30 rule distribute your income?

a)

50% for needs, 20% for savings, 30% for wants

b)

50% for savings, 20% for needs, 30% for wants

c)

50% for wants, 20% for savings, 30% for needs

d)

50% for needs, 20% for wants, 30% for savings

7.

Saving accounts differ from checking accounts in that...

a)

Saving accounts have higher interest rates

b)

Saving accounts have more fees

c)

Saving accounts have unlimited transactions

d)

Saving accounts have overdraft protection

8.
Janet inherited a valuable necklace and needs a safe place to keep it when she isn't wearing it,
a)
checking account
b)
savings account
c)
safe deposit box
9.
Liam wants cash from his bank, but it is closed, He will use the ATM.
a)
credit card
b)
debit card
c)
savings account
10.
Amirah is going to college and will not be able to visit her home bank very often. She needs a way to access her money and track what she spends.
a)
personal loan
b)
debit card
c)
online banking
11.

An endorsement limiting what can be done with a check is a

a)

blank endorsement

b)

special endorsement

c)

restrictive endorsement

d)

Mobile

12.

An endorsement consisting only of the signature of the person to whom the check was written

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

13.

An endorsement in which the original owner transfers ownership to another person.

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

14.

What type of endorsement is this?

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

15.

What type of endorsement is this?

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

16.

What type of endorsement is this?

a)

Blank

b)

Special

c)

Restrictive

d)

Mobile

17.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
18.
At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?
a)
$1620.38
b)
$1510.06
c)
$1485.06
d)
$787.10
19.
Which of the following is not found on a check?
a)
Account Owner's Name & Address
b)
Account Owner's Social Security Number
c)
routing number
d)
account number
20.
The number of a checking account is also known as the:
a)
Pin Number
b)
Social Security Number
c)
Routing number
d)
Account Number
21.
The checking account fees for Banks A, B, C, and D are shown in the table:
If a customer writes 26 checks per month, which bank will charge him the least in fees
a)
Bank A
b)
Bank B
c)
Bank C
d)
Bank D
22.

The interest rate on a CD is __________ than that on a regular savings account.

a)

Lower

b)

Higher

c)

Same

d)

Does not earn interest

23.
This account allows you to withdraw money, pay a bill, or make purchases easily.
a)
Checking Account
b)
Savings Account
c)
Market Money Account
d)
CD Account
24.
This account allows you to deposit money at a bank for safekeeping.
a)
Saving Account
b)
Checking Account
c)
Bill Account
d)
Casino Account
25.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
26.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
27.
for-profit financial companies and can be large or small, national or local.
a)
Credit Union
b)
Bank
28.
not-for-profit financial cooperatives that are typically small and local.
a)
Credit Union
b)
Bank
29.
FDIC insured for up to $250,000
a)
Credit Union
b)
Bank
30.
NCUA insured for up to $250,000
a)
Credit Union
b)
Bank
31.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
32.
What was the balance of the account at the end of the day on 7/24?
a)
4720.33
b)
4320.03
c)
5091.15
d)
4500.75
33.
What should be written on line 6?
a)
the date
b)
the amount of the check
c)
who the check is going to
d)
your signature
34.

Set of numbers associated with a checking, savings, or other bank account that associates a financial institution with the account.

a)

ATM card

b)

Bank account number

c)

Routing Number

d)

Bounced check

35.

a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.

a)

Bank statement

b)

Bounced check

c)

Check cashing fee

d)

Check fraud

36.

personal check written by a bank account holder, drawn on the account and guaranteed by the bank.

a)

Cashier's check

b)

Certified check

c)

Check cashing center

d)

Check cashing fee

37.

check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.

a)

Cashier's check

b)

Certified check

c)

Check cashing center

d)

Check cashing center

38.

Located in the top right corner of the check and the very end of the bottom series of numbers. It provides a record of transaction.

a)

Check number

b)

Check register

c)

Check stub

d)

Check

39.

record of transactions in a checking account.

a)

Check register

b)

Check

c)

Debit card

d)

Credit union

40.

the electronic transfer of a payment directly from the account of the payer to the recipient's account.

a)

Check

b)

Paycheck

c)

Direct deposit

d)

Endorsement

41.

signing a check

a)

Endorsement

b)

Check

c)

Depositor

d)

ATM card

42.

a payment order for a specific amount of money payable to a specific payee; useful for those who do not have checking accounts to send money safely

a)

money order

b)

cashierś check

c)

travelerś check

43.

a special form of check that functions as cash; can be cashed at many places around the world; unused checks can be redeemed for cash; useful if traveling and do not want to carry large amounts of money

a)

money order

b)

travelerś check

c)

cashierś check

44.

an organization that provides services related to money

a)

commercial bank

b)

charter

c)

financial institution

45.

an independent agency created by the federal government to protect bank customers by insuring their deposits

a)

Federal Deposit Insurance Corporation

b)

Financial Depository Insurance Company

c)

Financial Department of Insurance Corporation

46.

Two types includes mutual savings and loan associations and stock savings and loans association

a)

credit unions

b)

savings and loans associations

c)

commercial banks

47.

the movement of money electronically from one financial institution to another

a)

electronic funds transfer

b)

electronic financial transitioning

c)

automated teller machine

48.

service offered by most banks and credit unions that requires a Personal Identification Number (PIN) to check account balances, make cash withdrawals and deposits, and move money from one account to another.

a)

electronic funds tranfer

b)

electronic financial transitioning

c)

automated teller machine

49.

a request for a financial institution to refuse to honor a check you wrote or a check that has been lost or stolen, as long as the check has not cleared your account and already been paid

a)

stop-payment order

b)

cashier check

c)

certified check

50.

Report that accounts for the differences between bank statement and check register.

a)

Account Reconciliation

b)

Check Register

c)

Bank Statement

d)

Deposit Slip

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