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Banking
Test Description: This is practice for the WISE test.
Instructions: Answer all questions to get your test result.
1) If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
A
State Banking Commission
B
Federal Reserve Board
C
US Treasury Department
D
Federal Deposit Insurance Corporation (FDIC)
2) Consumer finance companies, which are often advertised on TV, are also known as
A
Banks
B
Small loan companies
C
Purchase loan lenders
D
Savings and loan associations
3) Which financial product can you buy for $25, is safe, and will be worth $50 at a future date?
A
50 shares of ABC Co. stock
B
Certificate of deposit
C
Series EE savings bond
D
ABC Co. Bond
4) You have a checking account balance of $100 and you deposit a personal $200 check from your brother in your checking account. When will you be able to withdraw $150 in cash?
A
After receiving a checking account statement at the end of the month
B
3 to 7 days later, depending on your bank's check clearance policy
C
The same day as the $200 deposit
D
On the day you make your next deposit
5) A blank endorsement on a check
A
cancels the check
B
creates a check that can be cashed by anyone
C
has no effect on the check
D
restricts the use of the check
6) Margaret wants to store a valuable coin collection and important papers. Generally, consumers should:
A
hand valuables over to their attorney
B
store valuables in a cabinet at home
C
rent a safe deposit box for their valuables
D
store valuables in locked drawer
7) The financial institution where Ms. Higgs has her checking account will continue to pay out money for the checks she writes as long as:
A
she uses checks from her checkbook
B
she maintains a good record of deposits and handles her account responsibly
C
the financial institution has sufficient funds
D
there is enough money in Ms. Higgs account to cover the amount of the checks
8) Which financial product typically pays the highest rate of interest?
A
money market account
B
certificate of deposit
C
savings account
D
common stock
9) Travelers checks, often used for vacations:
A
are FDIC insured
B
function as cash and are easily replaced if lost
C
are equivalent to credit cards
D
are free at most banks
10) Troy has $50 a month transferred electronically from his checking account to his savings account. This is an example of:
A
an installment plan
B
an ATM transaction
C
a savings plan
D
a debit card transaction
*select an answer for all questions
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