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PF 4.02 Review
Test Description: Review Questions for 4.02
Instructions: Answer all questions to get your test result.
1) How do credit unions and brokerage firms compare?
A
Both are insured by NCUA
B
Brokerage firms are not licensed; credit unions are
C
Brokerage firms specialize in buying and selling stocks; credit unions do not
D
Brokerage firms are nonprofit financial cooperatives; credit unions are not
2) Jake has anaccount he can deposit and withdraw money, write checks, & receive a monthly statement. What type of account is this?
A
Checking account
B
Retirement plan account
C
Share account
D
Savings account
3) Darlene needs to borrow money to buy a townhome. What type of financial service would meet this need?
A
Credit card
B
Safe-deposit box
C
Financial counseling
D
Mortgage
4) An advantage of E-banking over traditional banking is that:
A
paying by personal check is safer than by point-of-sale transfer.
B
E-banking is faster and accepted worldwide.
C
PIN numbers are a better security protection than personal check signatures.
D
theft and fraud are less likely to happen with E-banking.
5) Vera authorized the bank to pay her phone bill each month from her account. Which E-banking service is this?
A
Point-of-sale transfer
B
Smart card
C
Automated Teller Machine (ATM)
D
Direct withdrawal
6) Sheila is ready to reconcile her bank statement with her check record. What should she do?
A
Add deposits made and checks written since statement
B
Add checks outstanding and subtract deposits made since statement
C
Subtract checks written and deposits made since statement
D
Add deposits outstanding and subtract checks written since statement
7) Ralph wants to protect his debit card from fraud. What should he do?
A
Write
B
Leave the back of the card blank
C
Write his PIN on the back of his card
D
Allow his friends his card instead of cash when needed
8) Jacob needs a personal check guaranteed by the bank for the purchase of a used car. Which is the BEST method of payment?
A
Share draft account
B
Certified check
C
Money order
D
Personal check
9) Justin doesn't have a bank account and needs to mail a payment to a person out of state. Which is the BEST method of payment?
A
Personal check
B
Share draft account
C
Money order
D
Traveler's check
10) George loaded $200 on a plastic card for his daughter to purchase clothes at the mall. Which E-banking service is this?
A
Automated Teller Machine (ATM)
B
Smart card
C
Direct deposit
D
Point-of-sale transfer
*select an answer for all questions
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