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Banking Unit
Test Description: Test Review
Instructions: Answer all questions to get your test result.
1) Anyone can open an account here
A
Both
B
Bank
C
Credit Union
2) Offers financial services to the public
A
Bank
B
Credit Union
C
Both
3) Owned by their customers
A
Credit Union
B
Both
C
Bank
4) Is in business to make money
A
Credit Union
B
Both
C
Bank
5) Membership required to open an account
A
Bank
B
Credit Union
C
Both
6) Which account is designed to hold money not spent on current consumption
A
Savings Account
B
Money Market Account
C
Certificate of Deposit
D
Checking Account
7) Which account is used for a fixed period of time and allows restricted access to funds deposited
A
Savings Account
B
Certificate of Deposit
C
Checking Account
D
Money Market Account
8) Which account provides an easy method for withdrawing and depositing money
A
Certificate of Deposit
B
Money Market Account
C
Savings Account
D
Checking Account
9) Which account has a minimum balance requirement and tiered interest rates
A
Checking Account
B
Savings Account
C
Certificate of Deposit
D
Money Market Account
10) Which account is the Least liquid
A
Savings Account
B
Checking Account
C
Money Market Account
D
Certificate of Deposit
11) How do you bounce a check
A
Deposits more money than withdrawn
B
writes a check for more than the amount in the designated account
C
Does not write enough checks per day
D
Writes a check for more than the charged amount
12) Which of the following is not a check endorsement type
A
Restrictive
B
Full
C
Special
D
Blank
13) Which account reduces the need to carry large amounts of cash
A
Money Market Account
B
Checking Account
C
Certificates of Deposit
D
Savings Account
14) Which account is easily accessible, but less liquid than a checking account
A
Savings Account
B
Certificates of Deposit
C
Checking Account
D
Money Market Account
15) Which account may require a minimum balance or have limited number of withdrawals each month
A
Certificates of Deposit
B
Money Market Account
C
Savings Account
D
Checking Account
16) Which account most like will assess a penalty if funds are withdrawn early
A
Savings Account
B
Money Market Account
C
Checking Account
D
Certificates of Deposit
17) Which account has tiered interest rates
A
Certificates of Deposit
B
Checking Account
C
Savings Account
D
Money Market Account
18) Which account has a time length that usually ranges from 7 days to 10 years
A
Checking Account
B
Money Market Account
C
Savings Account
D
Certificates of Deposit
19) Which account is less liquid than savings accounts, but earns higher interest rate
A
Certificates of Deposit
B
Checking Account
C
Savings Account
D
Money Market Account
20) Compared to commercial banks, credit unions generally offer
A
Higher interest rates on loans
B
High fees
C
Lower fees and loan rates
D
More financial services
*select an answer for all questions
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