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Banking
Test Description: This is practice for the WISE test.
Instructions: Answer all questions to get your test result.
1) If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
A
Federal Reserve Board
B
Federal Deposit Insurance Corporation (FDIC)
C
State Banking Commission
D
US Treasury Department
2) Consumer finance companies, which are often advertised on TV, are also known as
A
Small loan companies
B
Banks
C
Savings and loan associations
D
Purchase loan lenders
3) Which financial product can you buy for $25, is safe, and will be worth $50 at a future date?
A
50 shares of ABC Co. stock
B
ABC Co. Bond
C
Series EE savings bond
D
Certificate of deposit
4) You have a checking account balance of $100 and you deposit a personal $200 check from your brother in your checking account. When will you be able to withdraw $150 in cash?
A
3 to 7 days later, depending on your bank's check clearance policy
B
The same day as the $200 deposit
C
On the day you make your next deposit
D
After receiving a checking account statement at the end of the month
5) A blank endorsement on a check
A
restricts the use of the check
B
has no effect on the check
C
cancels the check
D
creates a check that can be cashed by anyone
6) Margaret wants to store a valuable coin collection and important papers. Generally, consumers should:
A
store valuables in locked drawer
B
rent a safe deposit box for their valuables
C
store valuables in a cabinet at home
D
hand valuables over to their attorney
7) The financial institution where Ms. Higgs has her checking account will continue to pay out money for the checks she writes as long as:
A
there is enough money in Ms. Higgs account to cover the amount of the checks
B
she maintains a good record of deposits and handles her account responsibly
C
she uses checks from her checkbook
D
the financial institution has sufficient funds
8) Which financial product typically pays the highest rate of interest?
A
savings account
B
certificate of deposit
C
common stock
D
money market account
9) Travelers checks, often used for vacations:
A
are FDIC insured
B
function as cash and are easily replaced if lost
C
are equivalent to credit cards
D
are free at most banks
10) Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:
A
an installment plan
B
an ATM transaction
C
a debit card transaction
D
a savings plan
*select an answer for all questions
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