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