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Unit 2 WISE Banking Review

Total questions: 52

Worksheet time: 42mins

Name
Class
Date
1.
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
a)
US Treasury Department.
b)
Federal Deposit Insurance Corporation. (FDIC).
c)
State Banking Commission.
d)
Federal Reserve Board.
2.
Margaret wants to store a valuable coin collection and important papers. Generally, consumers should:
a)
Store valuables in a cabinet at home
b)
Rent a safe deposit box for their valuables
c)
Hand valuables over to their attorney
d)
Store valuables in locked drawer
3.
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should 
 
a)
include the reason that both cash and a check are being deposited.
b)
indicate what bank issued the check that is being deposited.
c)
indicate the amount of money that is currently in the checking account as well as in a savings account to cover the check.
d)
list the cash deposit separately from the check as well as the total of the deposit.
4.
The National Credit Union Administration (NCUA) insures accounts in:
a)
Credit unions
b)
Commercial banks
c)
Brokerage firms
d)
Savings banks
5.
The financial institution where Ms. Sanchez has her checking account will continue to pay out money for the checks she writes as long as:
a)
She uses checks from her checkbook
b)
The financial institution has sufficient funds
c)
There is enough money in Ms. Sanchezs account to cover the amount of the checks
d)
She maintains a good record of deposits and handles her account responsibly
6.
Which financial product typically pays the highest rate of interest?
a)
Savings account
b)
Money market account
c)
Certificate of deposit
d)
Common stock
7.
Doug wants to buy a car in two months, but does not have enough money. What is the best way for Doug to get the money he needs?
a)
Purchase a certificate of deposit
b)
Take out a cash loan
c)
Open a money market account
d)
Apply for a thirty year mortgage
8.
A blank endorsement on a check:
a)
Has no effect on the check
b)
Cancels the check
c)
Creates a check that can be cashed by anyone
d)
Restricts the use of the check
9.
What action should a person take who must make a tuition payment at the end of August each year?
a)
Decide how much money will be needed and then place 1/12th of that amount in a separate account each month.
b)
Divide the total amount of money that will be needed into 12 equal parts and invest that amount in stocks.
c)
Obtain a short- term collateralized loan for the needed amount of money.
d)
Plan to open a new credit card account that will be used to charge the needed amount of money.
10.
The phrase used for putting money into a savings account is:
a)
Verifying the account
b)
Balancing the account
c)
Making a deposit
d)
Making a withdrawal
11.
How can individuals be prepared for losing their job or having a large medical expense?
a)
Maintain a checking account with sufficient funds
b)
Pay credit card bills on time
c)
Prepare a budget
d)
Save at least three months of income
12.
Consumer finance companies, which are often advertised on TV, are also known as:
a)
Banks
b)
Savings and loan associations
c)
Small loan companies
d)
Purchase loan lenders
13.
Employees prefer direct deposits because:
a)
There is a small fee for the service
b)
The danger of losing a paycheck is slightly reduced
c)
The money is generally deposited in their checking account sooner than it would be if they had to deposit it in person
d)
Direct deposits earn a higher rate of interest
14.
Travelers checks, often used for vacations:
a)
Are equivalent to credit cards
b)
Are free at most banks
c)
Function as cash and are easily replaced if lost
d)
Are FDIC insured
15.

A person who wants money to be FDIC (Federal Deposit Insurance Corporation) insured will probably deposit the money in a -

a)

certificate of deposit at a bank

b)

money market mutual fund at an investment firm

c)

bank issued life insurance policy

d)

credit union savings account

16.

Xavier wants to buy a house but does not have enough money needed to pay for the house. What can he do to get the money he needs?

a)

Invest in mutual funds

b)

Open a money market account

c)

Apply for a mortgage

d)

Purchase a certificate of deposit

17.

Why should a person reconcile their checking account?

a)

It helps the bank to maintain accurate records on withdrawals

b)

It helps the person to avoid spending more money than is in the account

c)

It is required by law

d)

It prevents fraud

18.

A collateralized loan is a personal loan that is

a)

available online for high interest rates

b)

available for college tuition

c)

secured by credit cards

d)

secured by an asset that can be sold

19.

Which of the following is NOT an example of borrowing from a lender (loan)?

a)

Using a tax refund advance

b)

Using a credit card

c)

Using a debit card

d)

Using a pawn shop

20.

Services or products offered by banks to consumers and businesses include all of the following EXCEPT

a)

checking accounts

b)

credit cards

c)

health insurance

d)

business loans

21.

What should someone who lost a debit card do?

a)

Wait at least 72 hours to see if someone finds and returns the card

b)

Wait until receiving a bank statement to see if the card has been used

c)

Immediately report the loss to the bank and cancel the card

d)

Immediately stop using any bank accounts

22.

A person has a savings account and a car loan from a not-for profit financial institution owned by its members. She is probably a member of what type of financial institution?

a)

credit union

b)

commercial bank

c)

savings bank

d)

investment club

23.

Why might a person need to have a copy of a check written in the past that was cashed?

a)

To find bank errors

b)

It is mandated by law

c)

To prove that a bill was paid

d)

It is a bank requirement

24.

Maria is selling her car through a newspaper advertisement. When she finds a buyer, she wants to be sure that the form of payment is guaranteed to be good. Which form of payment should she AVOID?

a)

Cash

b)

Bank check

c)

Cashiers check

d)

Personal check

25.

Financial services and products offered by most banks and credit unions generally include?

a)

real estate listings

b)

savings accounts and personal loans

c)

legal and accounting services

d)

business plans

26.
Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members.  She is probably a member of what type of financial institution?
a)
Credit union
b)
Commercial bank
c)
Savings and loan association
d)
Investment club
27.
The term used to describe the ease and speed with which you can convert savings or an investment to cash is:
a)
Convertibility
b)
Principal
c)
Liquidity
d)
Rate of return
28.
Which financial product has the most predictable income?
a)
Stock
b)
Real Estate
c)
Certificate of deposit
d)
Options/Future Contract
29.

Banks use savings account deposits to:

a)

Make their services and products attractive for new depositors

b)

Pay for employee special projects

c)

Give loans to consumers and businesses

d)

Improve the quality of life in low-income communities

30.

Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?

a)

All checking accounts pay interest

b)

Some types of checking accounts pay interest

c)

Checking accounts never pay interest

d)

Checking accounts pay interest if the account balance does not fall below $300.00

31.

The financial institution where Ms. Sanchez has her checking account will continue to pay out money for the checks she writes as long as:

a)

She uses checks from her checkbook

b)

The financial Institution has sufficient funds

c)

There is enough money in Ms Sanchez accounts to cover the amount of the check

d)

She maintains a good record of deposits and handles her account responsibly

32.

The most liquid type of investment is:

a)

A corporate bond

b)

A certificate of deposit

c)

Real Estate holding

d)

A money market account

33.

The National Credit Union Administration (NCUA) insures accounts in:

a)

Credit Union

b)

Commercial Banks

c)

Brokerage Firms

d)

Savings Bank

34.
A teenage boy has opened a checking account. He is surprised to find that though he is getting a written bank statement each month he is not getting his cancelled checks returned. The teenager should be aware that the reason cancelled checks are NOT returned is to
a)
A.  protect him from providing opportunities for forgery.
b)
B.  insure that he does not receive important materials he is likely to lose.
c)
C.  lessen the bank?s need to maintain records of check transactions.
d)
D.  save the bank money associated with returning copies of these checks.
35.
A bank Certificate of Deposit is a:  
a)
A.  Savings instrument that requires a deposit for a period of time during which the saver can withdraw money from the plan at any time without a penalty
b)
B.  Savings instrument that requires a deposit for a period of time during which there is a penalty for withdrawals
c)
C.  Cash deposit in a savings account that earns interest
d)
D.  Certificate for deposits that are issued for half the face value
36.

Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:          

a)

An installment payment

b)

A savings plan

c)

An ATM transaction

d)

A debit card transaction

37.

The phrase used for putting money into a savings account is:       

a)

Verifying the account

b)

Balancing the account

c)

Making a deposit

d)

Making a withdrawal

38.

When James received his paycheck, he planned to cash it at a check cashing store.  You advise him to cash it at his own bank if possible. Why?

a)

They typically require a two day waiting period before giving cash           

b)

They typically charge high fees

c)

There is likely to be a ceiling on the size of the check he can cash

d)

They generally require a co-signor

39.

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the

a)

US Treasury Department

b)

Federal Deposit Insurance Corporation (FDIC)

c)

State Banking Commission

d)

Federal Reserve Board

40.

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

41.

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

42.

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

43.

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

44.

What are some reasons for why so many Americans live paycheck-to-paycheck?

a)

Low wages

b)

High cost of living

c)

Lack of financial education

d)

All of the above

45.

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

46.
What must be on a check?
a)
Your signature
b)
The current date
c)
The amount of money
d)
All of the above
47.
The purpose of reconciling your bank account is to...
a)
convert simple interest to compound interest
b)
get overdraft protection
c)
verify that you agree with your bank on the balance
d)
verify that your account complies with federal law
48.
True or False: You can withdraw money from an ATM at any time.
a)
True
b)
False
49.
A(n) ____________ is a fee a bank charges you for having an account.
a)
service charge
b)
debit
c)
overdraft fee
d)
credit
50.
This organization federally insures deposits in banks up to $250,000.
a)
IRS
b)
FBI
c)
FDIC
d)
SEC
51.
A document produced by the bank that tracks withdrawals, deposits, and interest earned.
a)
Bank Statement
b)
Check Register
c)
Certificate of Withdrawals
d)
Certificate of Deposits
52.
With an electronic transfer, money is transferred from one account to another without
a)
record keeping
b)
overdraft protection
c)
service charges
d)
any check or cash involved

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