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POB 4.02 - Financial Institutions
Test Description: Selecting a financial institution.
Instructions: Answer all questions to get your test result.
1) Direct Finance Company's primary function is to use its own money instead of customers' savings to provide loans to other businesses. This is an example of which type of financial institution?
A
Non-depository
B
Check-cashing outlet
C
Depository
D
Pawnshop
2) Southern Life Insurance Company makes money on selling specific services such as policies instead of retaining their customers money. This is an example of which type of financial institution?
A
Depository
B
Check-cashing outlet
C
Pawnshop
D
Non-depository
3) Sarah purchased school supplies with a store gift card of $300. This is an example of which type of payment service?
A
Electronic
B
Certified check
C
Money Order
D
Cashier's check
4) Phil is writing a company check and just completed writing the amount of the check in words. What should Phil do NEXT?
A
Write in the numerical amount of the check
B
Write in the purpose of the check
C
Sign the check
D
Write the payee's name
5) Maria prefers an endorsement that will make sure checks are used for deposits only to her business account. Which type of endorsement is preferred?
A
Restrictive endorsement
B
Full endorsement
C
No endorsement
D
Blank endorsement
6) Todd gave Intrek Computer Services a personal check for which his bank guaranteed payment. This is an example of which type of payment service?
A
Electronic
B
Certified check
C
Money Order
D
Traveler's Check
7) Jennifer prefers a financial institution that will meet her business needs such as access to checking options, credit cards, and loans. Which characteristic(s) of financial institutions does she prefer?
A
Safety
B
Fees and charges
C
Restrictions
D
Services
8) The Federal Reserve System approved the merger of Wachovia Bank and Wells Fargo Bank. This is an example of which service of the Federal Reserve System?
A
Participating in open market activities
B
Acting as a clearinghouse
C
Approving bank mergers
D
Managing the discount rate
9) Mary is writing a company check, and has just completed writing the purpose of the check. What should she do NEXT?
A
Write in the purpose of the check
B
Write the payee's name
C
Write in the numerical amount of the check
D
Sign the check
10) James received a $100 check. He wants to endorse this check over to Steve. Which type of endorsement should James use?
A
Restrictive
B
Non-endorsement
C
Full
D
Blank
11) Which is the FIRST step in opening a checking account?
A
Completing a bank reconciliation
B
Completing a signature card
C
Receiving the first cancelled check
D
Ordering a set of checks
12) Which is the FIRST step in the check writing process?
A
Writing the payee's name
B
Writing the drawer's signature
C
Writing the purpose of the check
D
Writing the appropriate information in the check register
*select an answer for all questions
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