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Unit 3 Test Review
Test Description: Review for Unit 3 test
Instructions: Answer all questions to get your test result.
1) Who insures individuals funds (money) when they are being held in a banks?
A
The bank
B
Wall Street
C
The individual
D
The government
2) What does the Federal Deposit Insurance Corporation (FDIC) do?
A
They deposit money is bank accounts
B
They invest in banks to make sure they never fail
C
They insure that the government doesn't go bankrupt
D
They protect (insure) depositors' funds in the event of the financial failure of their bank
3) What agency insures customers' accounts at credit unions?
A
National Credit Union Administration (NCUA)
B
Federal Deposit Insurance Corporation (FDIC)
C
Electronic Deposit Insurance Estimator (EDIE)
D
The Savings Association Insurance Fund (SAIF)
4) How much money does the Federal Deposit Insurance Corporation (FDIC) insure one individual for?
A
$500,000
B
$200,000
C
$250,000
D
$100,000
5) What is something you probably won't need to open a bank account.
A
A friend
B
Your Signature
C
Money
D
Form of identification
6) What is NOT an example of a service fee a bank might charge?
A
Printing Check Fee
B
ATM use fee
C
FDIC Insurance Fee
D
Monthly Maintenance Fee
7) A credit union is...
A
The exact same as a bank
B
member owned
C
insured by the FDIC
D
A for-profit organization
8) What is a check register?
A
a statement that comes from the bank
B
a place to keep records of checks written, deposits, and fees
C
a copy of the checks you have written
D
something that holds your checks
9) The magnetic ink numbers on a check do NOT tell which of the following
A
Bank Number
B
Account Number
C
Individual Number
D
Check Number
10) A check made out to
A
only the person it is endorsed by
B
anyone
C
only someone named Cash
D
no one
*select an answer for all questions
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