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Banking Overview

Total questions: 60

Worksheet time: 31mins

Name
Class
Date
1.

What is a for-profit financial institution that is federally licensed to receive deposits and issue loans?

a)

Credit Union

b)

Bank

c)

Checking Account

d)

Savings Account

2.

What is a credit score a prediction of?

a)

Your income level

b)

Your spending habits

c)

Your credit behavior

d)

Your savings amount

3.

What is money in coins or notes called?

a)

Check

b)

Cash

c)

Deposit

d)

Withdrawal

4.

What is a written, dated, and signed draft that directs a bank to pay a specific sum of money to a person or company?

a)

Check

b)

Debit Card

c)

Credit Card

d)

Deposit

5.

What is the smallest amount of money that must be kept in a bank account to avoid fees or to keep the account open?

a)

Balance

b)

Deposit

c)

Minimum Balance

d)

Withdrawal

6.

What is an account at a financial institution into which money is deposited and from which checks can be written for purchases or services?

a)

Savings Account

b)

Checking Account

c)

Credit Union

d)

Mobile Banking

7.

What is the amount of money you have in your bank account at any given time called?

a)

Deposit

b)

Withdrawal

c)

Balance

d)

Transaction

8.

What is a summary of all transactions in your bank account over a specific period, usually sent monthly by your bank?

a)

Account Statement

b)

Deposit

c)

Withdrawal

d)

Transfer

9.

What is the money a bank pays you for keeping your money in a savings or from investments?

a)

Negative Interest

b)

Positive Interest

c)

Overdraft Fee

d)

Annual Fee

10.

What is extra money you pay when borrowing calculated as a percentage?

a)

Positive Interest

b)

Negative Interest

c)

Annual Fee

d)

Overdraft Fee

11.

What is an interest-bearing account used to hold money for short- or long-term goals or emergencies?

a)

Checking Account

b)

Savings Account

c)

Credit Union

d)

Mobile Banking

12.

What is a type of savings account that pays higher-than-average interest rates on deposits?

a)

Checking Account

b)

High Yield Savings Account

c)

Credit Union

d)

Mobile Banking

13.

What are cards that withdraw money already in your account called?

a)

Credit Cards

b)

Debit Cards

c)

Prepaid Cards

d)

Gift Cards

14.

What is any activity involving money going into or out of your account, such as deposits, withdrawals, or transfers?

a)

Transaction

b)

Deposit

c)

Withdrawal

d)

Transfer

15.

What is money added to an account called?

a)

Withdrawal

b)

Deposit

c)

Transfer

d)

Transaction

16.

An account at a financial institution that allows for withdrawals and deposits. Great for paying bills and keeping track of spending. 

a)

Savings Account

b)

Checking Account

c)

Credit Card Account

d)

Private

17.

Bank statements provide information about all of the following, except:

a)

Bank charges for the period

b)

Errors made by the depositor

c)

NSF checks

d)

Checks cleared during the period

18.

What is the fee charged by a bank when you spend more money than you have in your account?

a)

Overdraft Fee

b)

Annual Fee

c)

Transaction Fee

d)

Service Charge

19.

What is the term for the process of moving money from one account to another?

a)

Deposit

b)

Withdrawal

c)

Transfer

d)

Transaction

20.

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

21.

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

22.

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

23.

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

24.

Why is understanding a bank's fees particularly important for students or young adults?

a)

They are more likely to have a low income

b)

They are more likely to have a high credit score

c)

They are more likely to have a mortgage

d)

They are more likely to have a college degree

25.

Which is NOT a typical goal for a savings account?

a)

Saving for retirement

b)

Saving for a down payment on a house

c)

Saving for a vacation

d)

Saving for a new car

26.
Jacayla wants to buy lunch for her friends but doesn't have any cash, and the restaurant will not take a check.
a)
debit card
b)
checking account
c)
online banking
27.

A bank (a)   contains the recent history of an account. Lists purchases, withdrawals, deposits, and fees

Choose from the below words
statement
loan
transfer
bond
28.

If there is an error in a bank savings register, it typically means the bank has made an error.

a)

True

b)

False

29.

Typically, a person must be a member of a credit union to use its financial services.

a)

True

b)

False

30.

The payee is the financial institution the check is written on.

a)

True

b)

False

31.

Which of the following is not one of the responsibilities of the federal reserve?

a)

Supervising the Reserve banks

b)

Maintaining a stable banking system

c)

Setting the nation's monetary policy

d)

Establishing the federal budget

32.

Which type of financial institution typically has membership requirements?

a)

Credit Union

b)

Online Commercial Bank

c)

Commercial Bank

d)

Federal Reserve Bank

33.

Which type of account is typically the most liquid?

a)

Checking account

b)

Savings account

c)

Certificate of Deposit

d)

Exchange Traded Fund

34.

Which of the following is a primary responsibility of the federal reserve bank?

a)

Establish monetary policy

b)

Write monetary laws

c)

Collect taxes

d)

Print money

35.

Savings accounts usually offer____ interest rates than checking accounts. It is ______ to access your money in a savings account than in a checking account

a)

lower;harder

b)

lower;easier

c)

higher;harder

d)

higher;easier

36.

Which type of account will typically have the highest interest rate?

a)

Checking account

b)

Savings account

c)

Money Market account

d)

Certificate of Deposit

37.

The three parts of the federal reserve system are the reserve banks, the federal open market committee, and the :

a)

Board of Governors

b)

United States Mint

c)

Department of the Treasury

d)

Secretary of State

38.

Which of these fees would likely be the highest

a)

Overdraft fee

b)

Account transfer fee

c)

Monthly service fee

d)

ATM fee

39.

Which of the following is a unique feature of credit unions

a)

Credit unions are typically owned and run buy their members

b)

Credit unions limit membership to certain people or groups

c)

Credit unions offer a wide variety of banking services

d)

Both A&B

40.

The numbers on the bottom of a typical check represent all of the following except

a)

Social Security number

b)

Routing Number

c)

Account Number

d)

Check Number

41.

What part of a check is the least important?

a)

The check number

b)

Signature line

c)

Memo line

d)

Routing number

42.

How often should you typically monitor your checking account?

a)

Monthly

b)

Yearly

c)

Daily

d)

Every three months

43.

Which of the following represent typical account fees?

a)

ATM fee

b)

Service fee

c)

Minimum balance fee

d)

All of the above

44.

Which of the following is not a type of bank?

a)

Credit Union

b)

Online Bank

c)

Payday Lender

d)

Retail Bank

45.

What's the best strategy for voiding ATM fees

a)

Only use ATMs close to your house

b)

Only use ATMs to withdraw cash

c)

Only use ATMs in your banks network

d)

Only use ATMs you have used before

46.

which of the following is not a core component of the Federal Reserve Bank?

a)

Board of Governors

b)

Regional Reserve Banks

c)

Federal Open Market Committee

d)

Department of the Treasury

47.

what is the purpose of balancing or monitoring your checking account?

a)

to find out which checks you have bounced

b)

to help you calculate how much money you have in your account

c)

to keep an estimation of how many checks you right

d)

to stop identity theft from occurring

48.

which type of account typically has low liquidity?

a)

checking account

b)

savings account

c)

money market account

d)

certificate of deposit

49.

the best way to ensure the accuracy and safety of your accounts is to:

a)

monitor your online accounts regularly

b)

shred your paper account statements weekly

c)

call your customer service center daily

d)

balance your checkbook annually

50.

with a traditional savings account, you will be charged a fee if:

a)

you deposit too much money at once

b)

you withdraw money too often

c)

you open an account online

d)

you close the account

51.

Interest that is generated on money you put into an account plus the interest you make that money. In other words, with compound interest, you earn interest on your interest.

a)

mutual fund

b)

interest rate

c)

simple interest

d)

compound interest

52.

which type of account offers the least interest (if any)

a)

savings

b)

checking

c)

money market

d)

special savings

53.

not-for-profit, community based, but you must be eligible to join

a)

brick and mortar bank

b)

investment coorporation

c)

credit union

d)

cash advance

54.

helps with transactions like depositing or withdrawing money

a)

bank teller

b)

member service represenative

c)

loan officer

d)

bank manager

55.

used to store money for longer term goals, but not for retirement

a)

mutual funds

b)

savings account

c)

checking account

d)

Certificate of Deposit account

56.

Savings accounts often have a limit on how many withdrawls you can make in a month

a)

true

b)

false

57.

When money is withdrawn from a bank account (also known as ‘withdrawal’).

a)

debit

b)

credit

c)

investment

d)

reserve

58.

PIN

a)

professional investment number

b)

personal identification number

59.

when you accidentally spend more money than is in your account

a)

oppsie daisy

b)

529 plan

c)

overdraft

60.

sign (a check or bill of exchange) on the back to make it payable to someone other than the stated payee

a)

endorse

b)

invest

c)

apply

d)

abdicate

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