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Banking / Everfi
Test Description: Banking
Instructions: Answer all questions to get your test result.
1) The three parts of the Federal Reserve System are the Reserve Banks, the Federal Open Market Committee (FOMC), and the:
A
Board of Governors
B
United States Mint
C
Department of the Treasury
D
Secretary of State
2) Which of the following is NOT one of the responsibilities of the Federal Reserve
A
Maintaining a stable banking system
B
Setting the nation’s monetary policy
C
Supervising the Reserve banks
D
Establishing the federal budget
3) Which of the following is a unique feature of credit unions
A
Credit union charge higher interest on loans
B
Credit unions are typically owned and run by their members
C
Credit unions offer a wide variety of banking services.
D
Credit unions are insured by FDIC
4) Which type of account is typically the MOST liquid?
A
Exchanged Traded Fund
B
Savings account
C
Checking account
D
Certificate of Deposit
5) Savings accounts usually offer _________ interest rates than checking accounts. It is _________ to access your money in a savings account than in a checking account
A
lower; easier
B
higher; harder
C
higher; easier
D
lower; harder
6) What part of a check is the LEAST important?
A
Signature line
B
The check number
C
Memo line
D
Routing number
7) Which of the following represent typical account fees?
A
All of the above
B
Minimum balance fee
C
Service fee
D
ATM fee
8) What’s the best strategy for avoiding ATM fees?
A
Only use ATMs in your bank’s network
B
Only use ATMs to withdraw cash
C
Only use ATMs you have used before
D
Only use ATMs close to your house
9) What’s the purpose of balancing or monitoring your checking account?
A
To find out which checks you have bounced
B
To help you calculate how much money you have in your account
C
To stop identity theft from occurring
D
keep an estimation of how many checks you write
10) The best way to ensure the accuracy and safety of your accounts is to:
A
Monitor your online accounts regularly
B
Call your customer service center daily
C
Balance your checkbook annually
D
Shred your paper account statements weekly
*select an answer for all questions
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