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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 credit card
C
Cash
D
A check
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 73
B
Rule of 72
C
Rule of 62
D
Rule of 63
3) ______________ refers to the specific amount of money circulating in a country's economy at a particular period of time.
A
Cash supply
B
Monetary policy
C
Money supply
D
The time value of money
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
FALSE
B
TRUE
5) ATM stands for...
A
automatic teller money
B
automatic time machine
C
automated teller machine
D
automated transfer of money
6) The FTC protects consumers by
A
encouraging competition in the marketplace.
B
encouraging banks to be fair and honest with customers.
C
insuring deposits up to $250,000 per person, per bank.
D
discouraging competition in the marketplace.
7) What two numbers are at the bottom of a personal check?
A
routing number and account number
B
account number and PIN number
C
routing number and PIN number
D
PIN number and ATM number
8) Who's job is it to investigate fraud and other securities law violations?
A
FTA
B
SCA
C
FOMC
D
SEC
9) You need to deposit money into an account to use all of the following services except a
A
money share account
B
credit card
C
savings account
D
debit card
10) What government agency insures bank deposits up to $250,000 per bank per customer per account?
A
SCA
B
FDIC
C
FIDC
D
SEC
11) The amount that is earned on an investment; also known as the fee for borrowing money
A
principal
B
interest
C
income
D
endorsement
12) A promissory note that provides payment to the bearer when redeemed
A
money note
B
bank run
C
payment note
D
bank note
13) Has intrinsic value and is worth something in its own right
A
currency money
B
commodity money
C
monetary policy
D
fiat money
14) Money put at risk for the purpose of making money
A
borrowing
B
saving
C
spending
D
investing
15) A check that is returned due to insufficient funds
A
fraud check
B
deposit slip
C
bounced check
D
insufficient funds check
16) True or false? Currency is the practice of trading by use of commodities or products instead of money.
A
TRUE
B
FALSE
17) Common fees that may be charged by a depository institution include all EXCEPT:
A
Minimum Balance fee
B
Late fee
C
Overdraft 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 earning interest, look for low rates.
B
When paying interest, look for low rates.
C
Interest is the price paid for using someone else’s money.
D
The amount of interest earned or paid is determined by the interest rate.
19) Fiat money
A
is filled out at a bank when you make a deposit.
B
has value because the government says that it does.
C
has intrinsic value and is worth something in its own right.
D
is an amount earned on an investment
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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