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Banking 2

Total questions: 26

Worksheet time: 18mins

Name
Class
Date
1.

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

2.

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

3.

Which of the following is NOT required to open a checking account?

a)

Proof of identity

b)

Proof of address

c)

Social security number

d)

Minimum age requirement

4.

How can you protect your checking account when using online and mobile banking?

a)

Use strong and unique passwords

b)

Avoid using public Wi-Fi networks

c)

Regularly monitor your account activity

d)

All of the above

5.
The best reason for deposing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:
a)
money deposited in savings accounts are FDIC insured
b)
most savings accounts earn a guaranteed rate of interest
c)
most savings accounts come with a free credit card
d)
money in a savings account can be accessed any time during the day or night
6.
Financial services and products generally offered by banks and credit unions include:
a)
Real estate listings
b)
savings and loans
c)
legal services
d)
business plans
7.
You have a checking account balance of $150 and you deposit a personal check of $300 from your aunt into your checking account.  When will you be able to withdraw $200 in cash?
a)
The same day as the $300 deposit
b)
3 to 7 days later, depending on your bank's check clearance policy
c)
after receiving a checking account statement at the end of the month
d)
on the day you make your next deposit
8.
Mel has $50 a month transferred electronically from her checking account to her savings account.  This is an example of 
a)
an installment payment payment
b)
a savings plan
c)
an ATM transaction
d)
a debit card transaction
9.
Putting money into a savings account is called
a)
verifying the account
b)
balancing the account
c)
making a deposit
d)
making a withdrawal
10.
Banks use savings account deposits to 
a)
make their services and products attractive for new depositors
b)
pay for employee special projects and benefits
c)
give loans to consumers and businesses
d)
improve the quality of life in low-income communities
11.
If Ford had to recall thousands of trucks due to a defect that had caused accidents resulting in several deaths, Ford stockholders are likely to
a)
buy more shares of Ford stock causing the price to increase
b)
sell shares of Ford stock causing the price of the stock to decline
c)
not react, resulting in no significant change in stock prices
d)
buy Ford bonds
12.
Securities are tradable documents that include
a)
stocks
b)
 bonds 
c)
mutual funds
d)
all of these
13.
The best suggestion you gave a friend who is writing a check for the first time is:
a)
Date the check because it is usually proof of payment
b)
Use pencil to permit changes
c)
Make the check payable to cash
d)
Use the checkbook stub or register to keep a record of the date you write the check
14.
The National Credit Union Administration (NCUA) insures accounts in:
a)
Credit unions
b)
Commercial banks
c)
Brokerage firms
d)
Savings banks
15.
Safe-deposit boxes are:
a)
A free benefit for accounts with deposits starting at $50,000
b)
Safe and can be accessed only by the owner of the box
c)
Available at all banks
d)
Convenient and accessible at any hour of the day or evening
16.
Which financial product typically pays the highest rate of interest?
a)
Savings account
b)
Money market account
c)
Certificate of deposit
d)
Common stock
17.

Who insures bank deposits?

a)

Federal Deposit Insurance Corporation (FDIC)

b)

National Credit Union Administration (NCUA)

c)

Federal Reserve

d)

U.S. Treasury Department

18.

Which of the following financial services is best suited for saving money over a period of years?

a)

Certificate of Deposit

b)

Checking Account

c)

Money Market Account

d)

Stocks

19.

What should you include when you are writing a check?

a)

Date, Payee, Amount, and Signature

b)

Amount, Payee, Signature, check number

c)

Endorsement, Amount, Signature

d)

Date, Amount, Signature

20.

What is the difference in a bank and a credit union?

a)

Credit unions are member owned.

b)

Banks are non-profit

c)

Credit unions are for profit

d)

Banks deal with less cash than credit unions.

21.

The central banking system in the United States.

a)

Federal Reserve

b)

The U.S. Treasury

c)

The Mint

d)

First National Bank of the U.S.

22.

A rise in the cost of goods and services is called...

a)

inflation

b)

discount rate

c)

interest

d)

deflation

23.

The tools and strategies used by the Fed to stabilize the economy are called...

a)

Fiscal policy

b)

Monetary policy

c)

Tight Money

d)

Easy Money

24.

The Fed keeps a certain amount of money out of circulation. This is referred to as the...

a)

Reserve requirement

b)

Emergency Fund

c)

Stockpile

d)

Hoard

25.
If the United States is experiencing inflation, the Fed will likely
a)
Increase the supply of money in the economy
b)
Decrease the supply of money in the economy
26.
The Fed ______________ banks to ensure the soundness of the banking system.
a)
regulates
b)
closes
c)
opens
d)
runs

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