WorksheetsMidterms_BanFin_Quiz2
Total questions: 25
Worksheet time: 24mins
A depositor owns a joint account with two others totaling P750,000. How much of this account is insured by PDIC?
P1,000,000
P250,000
P500,000
P750,000
A businessman has several accounts under different business names in the same bank. How will PDIC insure these deposits?
PDIC does not insure business accounts
Only one account is insured
All accounts are combined and insured up to P500,000
PDIC insures each account separately
If a depositor has P200,000 in one bank and P100,000 in another PDIC-insured bank, how much total deposit insurance does the depositor have?
P500,000
P300,000
P250,000
P200,000
What types of accounts are covered by PDIC insurance?
Only accounts in rural banks
Only time deposits
All deposit accounts, including savings, time deposits, and current accounts
Only savings accounts
If a PDIC-insured bank closes due to bankruptcy, who is responsible for reimbursing the insured deposits?
The Philippine Deposit Insurance Corporation (PDIC)
The Philippine government
The Bangko Sentral ng Pilipinas (BSP)
The bank’s shareholders
Carlos has multiple accounts in the same bank totaling P300,000. How much of his deposits are insured by PDIC?
P100,000
P200,000
P150,000
P300,000
An overseas Filipino worker (OFW) has a foreign currency deposit of $4,000 in a PDIC-insured bank. Is this deposit insured by PDIC?
PDIC does not insure deposits of OFWs
Only a portion is insured
No, only peso deposits are insured
Yes, foreign currency deposits are insured
A depositor has P250,000 in a time deposit account. If the bank fails, what will PDIC do?
Refer the depositor to the liquidation process for recovery
Insure the amount up to P250,000
Refund only half of the time deposit
Reimburse the full amount immediately
In the event of a bank closure, how long does it typically take for PDIC to pay depositors their insured amounts?
Within 3 months
Within 6 months
Within a year
Within 7 days
If a depositor’s total deposit in a closed PDIC-insured bank exceeds P500,000, what will happen to the excess amount?
PDIC guarantees full reimbursement for all amounts
The excess will be refunded immediately by PDIC
The excess amount will not be insured
The depositor will automatically receive the excess
If a PDIC-insured bank fails, what does PDIC do to ensure depositors receive their insured funds?
Files a lawsuit on behalf of depositors
Guarantees repayment through insurance funds
Seizes the bank's assets
Liquidates the bank's assets and pays depositors immediately
Maria has accounts in two separate PDIC-insured banks, each with P300,000. If both banks close, how much will PDIC insure in total?
P300,000
P750,000
P600,000
P250,000
A factory worker receives his wages in pesos weekly, ensuring the worker's labor is rewarded in a form that can be used to purchase goods. Money here acts as a:
Standard of deferred payment
Unit of account
Store of value
Medium of exchange
The Philippine government uses taxes to fund public services, with payments made in pesos. Which function of money is at play here?
Unit of account
Store of value
Standard of deferred payment
Medium of exchange
The value of a house is estimated at P3,000,000, providing a clear understanding of its worth. This highlights money as a:
Commodity money
Store of value
Medium of exchange
Unit of account
In an economic downturn, people hold onto their money instead of spending. This reflects money’s role as a:
Store of value
Medium of exchange
Standard of deferred payment
Unit of account
Miguel paid for his new car in monthly installments. Money here serves as a:
Standard of deferred payment
Store of value
Unit of account
Medium of exchange
In the Philippines, all contracts and wages are quoted in pesos, ensuring clear financial value agreements. What function of money does this represent?
Standard of deferred payment
Unit of account
Store of value
Medium of exchange
A farmer in Mindanao saves his earnings from the harvest in a bank for future use. What function of money is represented?
Standard of deferred payment
Unit of account
Store of value
Medium of exchange
Juan needs financial assistance for his rice farm, and he is not eligible for traditional bank loans. Which type of bank is most likely to provide him with a microloan?
Central Bank
Rural bank
BSP
PDIC
Which institution provides microfinance services to assist locals and farmers in the countryside?
Credit Union
Thrift banks
Rural banks
Commercial banks
A government project requires funding for infrastructure development. Which financial institution provides long-term loans to support such government projects?
BSP
DBP
BDO
PDIC
A. All bank deposits in the Philippines, regardless of amount, are fully guaranteed by PDIC.
B. A debit card lets you spend money directly from your checking or savings account.
Both statements are True
Both statements are False
Statement A is True; Statement B is False
Statement B is True; Statement A is False
A. An overdraft occurs when you withdraw more money than you have in your bank account, and your bank still allows the transaction to go through.
B. It is impossible for a depositor to lose their money if they invest it in a bond.
Both statements are True
Both statements are False
Statement A is True; Statement B is False
Statement B is True; Statement A is False
A. Credit cards allow users to access a line of credit, meaning they borrow money to make purchases and pay it back later.
B. If a customer deposits P500,000 in a savings account, only P250,000 is insured by the Philippine Deposit Insurance Corporation (PDIC) in case the bank closes.
Both statements are True
Both statements are False
Statement A is True; Statement B is False
Statement B is True; Statement A is False
