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CP Financial Planning: Banking Review
Test Description: Chapter 7
Instructions: Answer all questions to get your test result.
1) A sustained increase in the average level of prices.
A
Currency
B
Overdrawing
C
Endorsement
D
Inflation
2) Trading goods and services without using money is called...
A
Third Party Check
B
Exchanging
C
Bartering
D
Endorsing
3) A booklet for recording your transactions.
A
Bank Statement
B
Checkbook Resgister
C
Checking Account
D
Reconciliation Sheet
4) Writing a check for more money than you have in your account.
A
Overdrawing
B
Direct Deposit
C
Third Party Check
D
Blank Check
5) A check that has been paid.
A
Stopped
B
Restricted
C
Endorsed
D
Canceled
6) A check that draws on the money of the bank or other financial business that issued it.
A
Traveler's Check
B
Certified Check
C
Cashier's Check
D
Money Order
7) Electronic communication that moves money from an account in one bank to an account in a different bank.
A
Automatic
B
Move
C
Endorsement
D
Wire Transfer
8) Boxes with individual locks that you can rent from a bank.
A
Lockers
B
Safe Deposit Boxes
C
Post office box
D
Vault boxes
9) A federal government agency that insures deposits in banks.
A
HSBC
B
PIAA
C
FDIC
D
FCCC
10) Paper money and coins used for financial transactions.
A
Currency
B
Checks
C
Bit Coin
D
Credit Cards
11) If the starting balance in my checking account is $250.00 and I write check 101 for $12.75, check 102 for $68.00 and make a deposit of $123.00 what is my ending account balance?
A
$207.75
B
$46.25
C
$453.75
D
$292.25
12) Why is it a bad idea to accept a personal check from someone you do not know?
A
The check might be fake
B
The check might bounce
C
Checks are always secure. There is not problem accepting checks from anyone.
D
Both answers 2 and 3
13) As of 2008 FDIC will insure depositors money up to what dollar amount?
A
$300,000
B
$250,000
C
$200,000
D
$150,000
14) On a deposit slip, what does less cash received mean?
A
The amount of cash you would like to put into your savings account.
B
The extra amount of cash you would like to have deposited into your bank account.
C
The amount of cash you would like the teller to hand to you before you leave the bank.
D
The amount of cash you would like to put towards bank fees.
15) What does it mean to have an interest bearing checking account?
A
The bank will deposit money into your checking account.
B
A bank will wave a minimum balance requirement.
C
A bank will charge you additional fees.
D
The bank will watch your checking account more closely
16) If I wrote a check for $75 for my school activity fee and the school has not deposited the check, how will this affect my bank statement balance?
A
It will not have affect on my bank statement.
B
My bank statement will show an extra fee.
C
My bank statement will show that I have $75 less than my personal records.
D
My bank statement will show that I have $75 more than my personal records.
17) What would one typically keep in a safe deposit box?
A
School pictures
B
School supplies
C
Store coupons
D
Birth Certificate, deeds to property, copy of personal will
18) Identify three benefits for having a bank account.
A
It is better to keep you money under your mattress.
B
Insurance on money, interest on accounts, direct deposit
C
Banks are not safe.
D
Lollipops and dog biscuits
19) Why would your bank statement show a different ending account balance than your personal check register?
A
All of the above.
B
You made a math mistake in your records.
C
You forgot to record bank fees.
D
A check you wrote has not been cashed.
20) Describe a situation when you may need to have access to a canceled check.
A
There is no way to access a canceled check.
B
Just because.
C
There is a dispute over whether or not you paid your phone bill.
D
You like looking at old checks.
*select an answer for all questions
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