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POB 4.02
Test Description: POB 4.02
Instructions: Answer all questions to get your test result.
1) The Federal Reserve System aids in transferring funds between banks in North Carolina and New Jersey. This is an example of which service of the Federal Reserve System?
A
Participation in open market operations
B
Managing the discount rate
C
Clearinghouse
D
Supervision of banks
2) The Federal Reserve System supplied the monetary system with $300 billion. This is an example of which service of the Federal Reserve System?
A
Approving bank mergers
B
Acting as a clearinghouse
C
Managing the discount rate
D
Participating in open market activities
3) The Federal Reserve System approved the merger of Wachovia Bank and Wells Fargo Bank. This is an example of which service of the Federal Reserve System?
A
Participating in open market activities
B
Approving bank mergers
C
Acting as a clearinghouse
D
Managing the discount rate
4) James received a $100 check. He wants to endorse this check over to Steve. Which type of endorsement should James use?
A
Full
B
Blank
C
Non-endorsement
D
Restrictive
5) Maria prefers an endorsement that will make sure checks are used for deposits only to her business account. Which type of endorsement is preferred?
A
Blank endorsement
B
Restrictive endorsement
C
Full endorsement
D
Non-endorsement
6) Which is the FIRST step in opening a checking account?
A
Ordering a set of checks
B
Completing a bank reconciliation
C
Receiving the first cancelled check
D
Completing a signature card
7) Phil is writing a company check and just completed writing the amount of the check in words. What should Phil do NEXT?
A
Sign the check
B
Write in the numerical amount of the check
C
Write the payee's name
D
Write in the purpose of the check
8) Which is the FIRST step in the check writing process?
A
Writing the appropriate information in the check register
B
Writing the payee's name
C
Writing the purpose of the check
D
Writing the drawer's signature
9) Todd gave Intrek Computer Services a personal check for which his bank guaranteed payment. This is an example of which type of payment services?
A
Electronic
B
Traveler's check
C
Certified check Electronic
D
Money order
10) Direct Finance's primary function is to use its own money instead of customers' savings for loans to other businesses. This is an example of which type of financial institution?
A
Pawnshop
B
Non-depository
C
Depository
D
Check-cashing outlet
*select an answer for all questions
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