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Money And Banking Review
Test Description: Money and Banking review
Instructions: Answer all questions to get your test result.
1) _____ is a written order to a bank to pay a stated amount to a person or business.
A
A debit card
B
A check
C
Cash
D
A credit card
2) The ______________ provides a quick formula for computing how long it will take to double your money invested at a given interest rate.
A
Rule of 62
B
Rule of 72
C
Rule of 63
D
Rule of 73
3) ______________ refers to the specific amount of money circulating in a country's economy at a particular period of time.
A
Cash supply
B
The time value of money
C
Monetary policy
D
Money supply
4) True or false? The “time value of money” means that the value of an amount of money is greater today than the value of the same amount of money in the future.
A
TRUE
B
FALSE
5) ATM stands for...
A
automatic time machine
B
automated transfer of money
C
automated teller machine
D
automatic teller money
6) The FTC protects consumers by
A
discouraging competition in the marketplace.
B
encouraging competition in the marketplace.
C
encouraging banks to be fair and honest with customers.
D
insuring deposits up to $250,000 per person, per bank.
7) What two numbers are at the bottom of a personal check?
A
PIN number and ATM number
B
routing number and account number
C
account number and PIN number
D
routing number and PIN number
8) Who's job is it to investigate fraud and other securities law violations?
A
SEC
B
SCA
C
FOMC
D
FTA
9) You need to deposit money into an account to use all of the following services except a
A
credit card
B
debit card
C
savings account
D
money share account
10) What government agency insures bank deposits up to $250,000 per bank per customer per account?
A
FDIC
B
FIDC
C
SCA
D
SEC
11) The amount that is earned on an investment; also known as the fee for borrowing money
A
interest
B
income
C
endorsement
D
principal
12) A promissory note that provides payment to the bearer when redeemed
A
payment note
B
money note
C
bank note
D
bank run
13) Has intrinsic value and is worth something in its own right
A
commodity money
B
fiat money
C
currency money
D
monetary policy
14) Money put at risk for the purpose of making money
A
borrowing
B
investing
C
spending
D
saving
15) A check that is returned due to insufficient funds
A
insufficient funds check
B
deposit slip
C
bounced check
D
fraud check
16) True or false? Currency is the practice of trading by use of commodities or products instead of money.
A
FALSE
B
TRUE
17) Common fees that may be charged by a depository institution include all EXCEPT:
A
Minimum Balance fee
B
Overdraft fee
C
Late fee
D
ATM fee
18) Savings tools offered by depository institutions may earn interest. Which of the following statements is NOT TRUE about interest?
A
When paying interest, look for low rates.
B
Interest is the price paid for using someone else’s money.
C
The amount of interest earned or paid is determined by the interest rate.
D
When earning interest, look for low rates.
19) Fiat money
A
has value because the government says that it does.
B
is an amount earned on an investment
C
has intrinsic value and is worth something in its own right.
D
is filled out at a bank when you make a deposit.
20) True or false? Compound interest is interest earned on the principal plus any previously earned interest.
A
FALSE
B
TRUE
*select an answer for all questions
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