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PF 4.02
Test Description: 4.02 questions and vocab
Instructions: Answer all questions to get your test result.
1) How do credit unions and brokerage firms compare?
A
Brokerage firms specialize in buying and selling stocks; credit unions do not
B
Brokerage firms are nonprofit financial cooperatives; credit unions are not
C
Both are insured by NCUA
D
Brokerage firms are not licensed; credit unions are
2) Jake has a basic account that allows him to deposit and withdraw money, write checks, and receive a monthly statement with no service charge if he maintains a minimum balance of $5
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
Financial counseling
B
Mortgage
C
Credit card
D
Safe-deposit box
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
PIN numbers are a better security protection than personal check signatures.
C
theft and fraud are less likely to happen with E-banking.
D
E-banking is faster and accepted worldwide.
5) Vera authorized the bank to pay her phone bill each month from her account. Which E-banking service is this?
A
Direct withdrawal
B
Smart card
C
Automated Teller Machine (ATM)
D
Point-of-sale transfer
6) Sheila is ready to reconcile her bank statement with her check record. What should she do?
A
Add deposits outstanding and subtract checks written since statement
B
Add checks outstanding and subtract deposits made since statement
C
Add deposits made and checks written since statement
D
Subtract checks written and deposits made since statement
7) What is a Cashier's check?
A
A hand-written document used to pay for purchases using funds in a personal checking account
B
A check bought from a bank with payment guaranteed by the bank
C
A personal check with a bank’s guarantee of payment
D
Paper money; bills
8) What is a certified check?
A
A personal check with a bank’s guarantee of payment
B
check bought from a bank with payment guaranteed by the bank
C
Paper money; bills
D
A way for people with no checking account to send money by mail
9) What is a Traveler's check?
A
A card used for payment through credit with interest accruing
B
A way for people with no checking account to send money by mail
C
A hand-written document used to pay for purchases using funds in a personal checking account
D
A check used in place of cash when traveling for greater security
10) What is a money order?
A
A hand-written document used to pay for purchases using funds in a personal checking account
B
Paper money; bills
C
A way for people with no checking account to send money by mail
D
A check bought from a bank with payment guaranteed by the bank
*select an answer for all questions
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